Belarus Has Officially Launched Crypto Accounting Instructions
It’s official. Belarus has succeeded in introducing standards for accounting crypto currencies. The one who made the document public was the Ministry of Finance, according to Jourtify.
The document, published for the first time on 6 March 2018, describes in detail the necessary information about any token relating the accounting process. It also sets out how to organize the tokens received from institutions (in addition to the National Bank, Development Bank and non-financial bank institutions) depending on how they will further be used.
Belarus supports blockchain technology and crypto industry
Belarus has a positive opinion about the use of blockchain technology. It has sustained over the last period new projects based on the crypto industry in order to develop the economy of the country. In December 2017, Belarus’s President Alexander Lukashenko approved the project entitled “Digital Economy Growth“, which describes the country’s support for the development of blockchain technology and crypto coins. The basic goals of the project were to eliminate or reduce bureaucracy and capitalize on the digital age. These targets are in line with the responsibilities of the new accounting instructions in order to remove anything that prevents the technological development.
Mined tokens will be recorder as “Finished Products” or “Primary Production”
Tokens that are defined as “digital signs” in the document, purchased in order to “achieve token-certified rights” will be recorded in the accounting categories of “Settlements with various creditors and debtors” and “Other expenses and revenues.”
Tokens which are intended for other sales will be classified as “Goods“, the debit section, while “Settlements with contractors and suppliers” and “Current expenses and incomes” will be found in the credit sections of the accounting journal. Tokens earned through the mining activities are to be recorded under the debit account called “Finished Products” and “Primary Production” as a credit account.
It’s also mandatory to include in the accounting document information about the tokens’ value at the beginning of the year and at the end of the year in order to be able to interpret the evolution.