The document, explains the essential details regarding any token concerning the bookkeeping procedure. Additionally, it sets out the way to arrange the tokens obtained from associations (along with this National Bank, Development Bank and non-refundable bank associations) determined by the way they will be utilised.

Belarus has succeeded in presenting criteria for bookkeeping cryptocurrencies. The person who made the record public was that the Ministry of Finance, based on Jourtify.

The Future of Technology

Belarus has a favourable view of blockchain technology’s usage. It’s lasted throughout the previous period new jobs dependent on the crypto sector so as to develop the market of the nation. Back in December 2017, Belarus’s President Alexander Lukashenko declared the project entitled “Digital Economy Growth”, that clarifies the nation’s support for the maturation of blockchain engineering and crypto coins. The fundamental aims of the project were to remove or decrease bureaucracy and also capitalise on the electronic era. These goals are in accord with the duties of their new accounting directions so as to eliminate whatever prevents the technological improvement.

Mined Assets Will Probably Likely Be recorded as “Finished Products” or “Primary Production”

Tokens which are described as “digital signs” in the record, purchased in order to “achieve token-certified rights” will probably be recorded in the accounting classes of “Settlements with various creditors and debtors” and “Other expenses and revenues.”

Cryptocurrency Tokens which are meant for different sales will be classified as “Goods”, the banking department, although “Settlements with contractors and suppliers” along with “Current expenses and incomes” will be discovered in the charge segments of their accounting journal. Tokens earned via the mining activities are to be listed on the entry known as “Finished Products” and “Primary Production” as a credit account.

In addition, it is mandatory to include the accounting record information about the tokens’ value at the start of the year and at the end of the year in order to be able to translate the evolution.

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