"The Mysterious and Tempting Crypto." What Do Belarusians Think of Cryptocurrency?

No politics today, guys. Only Belarusian opinions.

My crypto story started when I came to work at the crypto copy trading platform called Conmatics. After the interview, I was over the moon: comfortable working conditions, a company with its own product, an inspirational boss. Job paradise. The one thing that prevented me from accepting the job proposal — it was a cryptocurrency project.

What’s the Matter with Belarus?

For Belarusians, cryptocurrency is something mysterious, tempting, and unknown. So, unfortunately, few people start dealing with crypto.

For instance, when I renewed my job place on Linkedin, some of my Belarusian friends wrote to me: “Sophie, what’s up? Crypto is a total scam! Are you sure that the company Coinmatics is legal?”

I’ve also heard that one Belarusian rejected a crypto job offer for religious reasons.

Belarusian unacceptance of cryptocurrency is also connected with mentality. My parents have been working on the same job for over 20 years. Do Belarusian seem to be ready for changes? ;) 

Cryptocurrency, the queen of volatility, is a part of the new financial world. We need time to accept it. Belarusians get used to stable income. That’s the thing. And Bitcoin can be stable only in your dreams.

The paradox is that we use Belarusian ruble in our country and it’s not clear what is less stable: Bitcoin or Belarusian “coins”.

The reason for unacceptance can also lie in the experiences of Belarusian IT specialists. There are some rumors that well-paid IT people tried to trade on the exchanges. But unfortunately, most of them lost money. It probably happened because they didn’t educate themselves enough. Trading on the exchange requires an understanding of the market. All in all, the attitude “cryptocurrency trading is a scam” appeared.

Good News, Guys

Nevertheless, I have some good news. On the political level, Belarus is really welcome to cryptocurrency. Our country was once named as The Best Country In The World For Cryptocurrency Investors. The main advantage is 0% tax on cryptocurrency capital gains. On 22nd December 2017, the president legalized cryptocurrencies and declared that cryptocurrency mining and trading can be done tax-free until January 1st, 2023.

Belarusians, take action right now! We still have time!

Let me share one more interesting fact: I was so surprised to find out that in 2018 Belarusians created Bulbacoin — Belarusian cryptocurrency (“bulba” means “potato”). It was planned to issue more than 8.4 million coins. No info on the results, but the idea is great, indeed.

Moreover, one Holland NGO started to pay compensation in bitcoins to Belarusians dismissed from enterprises for an active civil position and participation in protests. Cryptocurrency helps repressed people!

I asked Managing Trader Analyst Maxim Dragun to comment on the Belarusian cryptocurrency situation. His thoughts:

Investments in cryptocurrencies and other financial instruments are rapidly gaining popularity among Belarusians. This is facilitated by decree 231 on the development of the forex market in Belarus, as well as increasing financial literacy of those who want to invest their funds, and do not trust their bank at 2–3% per annum. I also explain to my clients that the bank itself invests part of their funds into various financial assets, including cryptocurrencies.

My Crypto Copy Trading Case

“Start with yourself, Sophie”, I thought. So, struggling with fear, I invested in crypto and launched a copy trading process at Coinmatics.

I bought my first bitcoin on July 22. I was bloating with pride. I am a cryptocurrency holder, living in Belarus.

Sincerely speaking, previously I thought all the crypto traders are gamblers and frauds. They use crystal balls to forecast the changes on the market and trade blindly.

Shame on me. Traders are a group of intelligent people who know what is technical analysis and can aggregate a lot of indicators in their minds. They are risky and brave investors who take everything out of life and never stop learning. Let me, as a crypto copy trader, become a part of it.

So, despite my previous personal prejudices about the cryptocurrency world, I started to work in a Fintech company, invested in crypto, and I’m really happy about it. All in all, I hope that cryptocurrency will become a new upcoming chapter in the Belarusian story.

Written by Sofia for Hackernoon.