It will need all the help it can get if wants to replace what’s already in our pockets. It is a case of where will they develop first and to best use; that should be in developng countries, particularly where relatively low levels of the population have bank accounts.

Earlier the Ministry had offered to create a special exchange platform Immediate Edge for the miners to ensure the transparency of cryptocurrency exchange. On September 28, 2016, the National Bank of Macedonia issued a warning against cryptocurrencies. The Bank reminded Macedonian residents that they are not allowed to have bank accounts or securities abroad, with certain exceptions, and therefore, investments by residents in cryptocurrencies are also not allowed.

The latest, published on January 31, 2018, reminded persons that virtual money is not recognized as legal tender and that financial losses may result from investing in cryptocurrencies. The Bank also noted the unreliability of virtual platforms for trading in cryptocurrencies and their susceptibility to cybertheft. The Bank said it is considering adapting recommendations made internationally to limit the anonymous use of cryptocurrencies and to enact rules to combat money laundering and terrorist financing via such currencies. In Belarus the Presidential Decree on the development of the digital economy came into effect on March 28, 2018.