The Belarusian government has passed a new law which is in part designed to encourage the development of Blockchain and cryptocurrency technology companies.

The state-owned media outlet, BelTA, has announced that the President of Belarus, Alexander Lukashenko, has signed a digital development decree which promotes the use of blockchain and other cryptocurrency technology, while also providing financial incentives to businesses which operate in this sector. The law means that a company which is working on cryptocurrency mining, trading, smart contracts or token issuance, will not be liable for any income tax for the next five years.

The presidential decree will see investment and development in the Belarus High-Tech Park. The High Tech Park is a special economic zone which the government hopes will become a hub for digital and tech startups. Companies based at the High-Tch Park will be allowed to use cryptocurrencies for any international deals or transactions. In the summer, it was reported that the Belarus central bank is considering ways in which the domestic banking system can incorporate Blockchain technology.

It seems that the country's government is very keen to make Belarus an attractive and cutting hedge location where cryptocurrency companies can flourish.