Belarusian Ministry Of Finance Releases Cryptocurrency Accounting Framework
Mar 28, 2018 Posted / 839 Views
This accounting framework has been meticulously designed to observe the flow of money in these cryptocurrencies. It outlines all the information and guidelines needed which are required to run and own a cryptocurrency. It also focuses on tokens and how they will be accounted by individuals and firms/organisations but excluding organisations like the national banks, non financial banking institutions etc.
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Belaraus is one of the few countries to have acknowledged the cryptocurrencies as legal and worked towards their development. The Belarusian president signed the “Digital Economy Growth Bill” which will work towards the growth of crypto currencies and eliminating all the bureaucratic issues which hinder its growth.
Tokens, or “digital signs” as they are referred to in the document, purchased for the “realization of token-certified rights” will be classified under the credit categories “Settlements with various creditors and debtors" and "Other expenses and revenues.”
SImilarly, the token which will be sold will be classified under the “goods sold debit” section, while those obtained under crypto mining, will be classified under the “Finished products” and primary production credit account.
November 2017, the president of Belarus also signed another deal related to crypto regulation which help in developing special zones in standards of Silicon Valley which will facilitate the working and development of cryptocurrencies.
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