Official Crypto Accounting Standards by Belarus

Belarus officially launched standards for accounting cryptocurrencies, according to a published document by the Ministry of Finance, reports Jourtify.

The document, published for the first time on March 6, 2018, elaborates the necessary information about all tokens related to the accounting process. It also explains how to organize tokens received from institutions (in addition to the National Bank, Development Bank and non-financial bank institutions) in relation to how they will further be used.

Belarus is well-known for its support to the use of Blockchain technology. During the last period, Belarus has sustained new multiple projects on the crypto industry to boost country’s economy. In December 2017, Belarus’s President Alexander Lukashenko approved the project named “Digital Economy Growth”, which outlines the country’s support to the development of Blockchain tech and cryptocurrencies, reducing or eliminating bureaucracy and capitalizing on the digital age. These targets are in line with the responsibilities of the new accounting instructions to reject anything that is an obstacle for the technological development.

In the document, the tokens are defined as “digital signs” purchased to “achieve token-certified rights” and they will be recorded in the accounting categories of “Settlements with various creditors and debtors” and “Other expense and revenues.”

Tokens intended for other sales will be classified as “Goods,” the debit section, while “Settlements with contracts and suppliers” and “Current expenses and incomes” will be found in the credit sections of the accounting journal. Finally, tokens earned through the mining activities will be classified under the debit account called “Finished Products” and “Primary Production” as a credit account.

It’s obligatory to include in the accounting document information about the tokens’ value at the beginning of the year and at the end of the year to be able to interpret the evolution.

Other news related to Belarus and crypto regulation in the country:

On December 29, Alexander Lukashenko, the President of Belarus, signed a decree that legalizes Cryptocurrency transactions, conversions from and to fiat currencies, and Initial Coin Offerings.

Bitcoin mining operation is expanding. However, the most significant obstacle to Bitcoin mining is the high electricity cost. For Belarus, this appears not be a problem. On the contrary, electricity is cost-effective with a surplus.

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