Serbia prepares law for cryptocurrency trading

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In the next six months, the working group, consisting of representatives of several different institutions, will work on a document that will be the basis for the adoption of a legal act to regulate the field of blockchain technology, and which is applied when trading digital currencies such as bitcoin, ripple, litcoin but also for monitoring cash flows, goods.
Secretary of the Association for Electronic Communications and Information Society in PKS Marjan Stojanovic says that the working group will deal with the adoption of a platform for the development of crypto-regulations, and the National Bank of Serbia, the Ministry of Finance, Belgrade Stock Exchange, PKS, government representatives are involved.
Cryptocurrencies are not legally regulated in Serbia, that is, they are not recognized as a means of payment, so trading in these digital currencies is most often done through foreign sites. Asked by Tanjug whether a law on cryptocurrency trading and blockchain technology will be passed in Serbia in the coming period, given that this area is not regulated, Stojanovic said:
“Yes, it will be legally regulated, not between the participants in the blockchain itself. That’s why there is a working group.”
According to an international survey, out of 10,000 blockchain developers in the world, 400 are in Serbia.
“It is a figure that says that we really have the capacity, because it is a young technology that is just breaking through in the world. It is very specific and I believe that when the legal regulations are made, companies will find themselves on that market,” says Stojanovic.
There are more than 20 companies in Serbia that specialize in development in blockchain technology. It is only a matter of the number of those who specialize in this technology, but there are, in fact, many more.
When the number of only those 20 companies from Serbia is compared with Germany, ie Berlin, which is considered one of the centers of blockchain technology and in which there are 70 such companies, our country ranks well, Stojanovic emphasizes.
The biggest challenge is how to explain to the citizens what blockchain, which was created in 2009, is and why it is important, says Stojanovic, stating that it is probably the first association with most bitcoin trades. However, blockchain is currently used wherever there is any type of transaction, and it also serves as a tool for tracking goods.
For example, when a certain data is entered in the supply chain of certain goods at each of the “stations” within the blockchain “path”, all data and transactions processed at that time are updated on all computers from where the data was entered.
“So this is not one base that someone can delete, but it is located in many different places,” explains Stojanovic.
Public administrations in the world use blockchain technology to monitor the flow of documents, money, and are among the most famous in Estonia, South Korea… It is important for Serbia, he says, that blockchain is the fastest growing and most important part of the IT industry, BiF reports.

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