Belarus planning to ban P2P crypto transactions

• Belarusian President Alexander Lukashenko in 2022 signed a decree permitting free circulation of cryptocurrencies like Bitcoin within the nation.
• The announcement considerably appears to contradict the earlier stand that Belarus has had on cryptocurrencies.
• If effected, Belarusians won’t be allowed to make use of peer-to-peer crypto exchanges.

The overseas ministry of Belarus is drafting new laws to outlaw peer-to-peer (P2P) cryptocurrency transactions of cryptocurrencies like Bitcoin.

On July 2, the Republic of Belarus’ Ministry of International Affairs (MFA) made a proper announcement on Telegram relating to the brand new laws that can outlaw peer-to-peer (P2P) cryptocurrency transactions for people.

Belarus’ Ministry of International Affairs (MFA) announcement runs considerably afoul of the current legal guidelines that Belarus has handed. President Alexander Lukashenko of Belarus formally endorsed the free circulation of cryptocurrencies like Bitcoin in 2022.

Belarus cites excessive fee of cybercrime

The authorities cited Belarus’ excessive fee of cybercrime and claimed that because the 12 months’s starting, native prosecutors have stopped 27 residents from providing “unlawful crypto trade companies.”

The entire incomes from illicit earnings totalled about 22 million Belarusian rubles ($8.7 million).

In line with the overseas ministry, cryptocurrency P2P companies are “in demand amongst thieves who money out and convert stolen funds and switch cash to legal scheme organizers or individuals.”

The MFA will forbid people from P2P and solely allow them to trade cryptocurrencies solely by cryptocurrency exchanges registered with Belarus Hello-Tech Park with a purpose to eradicate such illicit exercise (HTP). It additionally said that it intends to implement a follow that can make it “not possible to withdraw cash obtained from criminal activity,” just like the method for exchanging foreign currency echange.

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