- Belarusian President Alexander Lukashenko signed a decree in 2022 authorizing the free circulation of cryptocurrencies like Bitcoin within the nation.
- The announcement appears to considerably contradict the earlier stance Belarus had on cryptocurrencies.
- If that is accomplished, Belarusians won’t be allowed to make use of peer-to-peer crypto exchanges.
The Ministry of Overseas Affairs of Belarus is drafting new laws to ban peer-to-peer (P2P) cryptocurrency transactions of cryptocurrencies like Bitcoin.
On July 2, the Ministry of Overseas Affairs (MFA) of the Republic of Belarus made an official announcement on Telegram concerning new laws that may ban peer-to-peer (P2P) cryptocurrency transactions for people.
The announcement by the Belarusian Ministry of Overseas Affairs (MFA) goes considerably towards current legal guidelines that Belarus has handed. President Alexander Lukashenko of Belarus formally permitted the free circulation of cryptocurrencies like Bitcoin in 2022.
Belarus cites excessive price of cybercrime
Authorities cited the excessive price of cybercrime in Belarus and claimed that for the reason that begin of the yr, native prosecutors have blocked 27 residents from providing “unlawful crypto trade providers”.
Complete proceeds from illicit proceeds amounted to roughly 22 million Belarusian rubles ($8.7 million).
In keeping with the Division of Overseas Affairs, cryptocurrency P2P providers are “in demand amongst thieves who money in and convert stolen funds and switch cash to organizers or contributors of legal schemes.”
The MFA will prohibit people from P2P and solely permit them to commerce cryptocurrencies by means of cryptocurrency exchanges registered with Belarus Hello-Tech Park in an effort to eradicate such illicit actions (HTP). He additionally stated he intends to implement a follow that may make it “unimaginable to withdraw cash from unlawful actions”, just like the method of exchanging foreign exchange.
