It was very controversial that President Alexander Lukashenko elected and extended his mandate. After this, the main questions arose about Belarus that how it will deal with the United States and European Union sanctions, and how the cryptocurrency like Etherum and Bitcoin help them to bypass sanctions.
Russian outlet RBC has published articles describing the effectiveness of the cryptocurrencies on the sanctions. It further said that cryptocurrencies like bitcoin or etherum are doubtful options for the Belarusian government to beat or settle the sanctions imposed by the Washington or EU on Minsk. It is said that the EU is moving a step ahead with sanctions against Belarus, according to the guardian.
The vice president of the market development and regulation for the association of the blockchain and cryptocurrency, Valery Petrov, put his opinion in an article saying that the best way to escape from sanctions is to use cryptocurrencies. He further said that it is only possible in one’s condition if it is not contradicted with the legislation of both external and internal types.
The industry is showing opportunities for business because of development in the sector across the country. As a result, Belarus is also representing a friendly attitude towards the crypto.
In May, the Belarusian government authorities said that they accept digital technology as a top issue, and they are also preparing a digital economy resolution for the OSCE session in berlin.
In July, a bill was also drafted that addresses the spheres of high tech IT that also includes cryptocurrency and blockchain technology. On the other hand, there was a hope of attracting investment in technology at an international level that was carried as risky and forbidden.
Petrov said that using the cryptocurrency to solve the economic crisis’s problem is a peaceful solution, pointing it to Iran and Venezuela’s case.
Experts like Nikita Zuboreb, a Russian analyst at Best change and crypto exchange, also believed that cryptos could be only a peaceful solution for an economy dealing with the sanctions.
Vice president, Petrov also said that the infrastructure of IT is more prepared and developed than that of other countries. So, with this benefit, it can still be considered as a better option by the Lukashenko. Overall, crypto could be an excellent option to deal with the sanctions according to people like Petrov.