• In 2022, Belarusian President Alexander Lukashenko signed a decree permitting the free circulation of Bitcoin and different cryptocurrencies within the nation.
• The announcement seems to considerably contradict Belarus’ earlier place on cryptocurrencies.
• As soon as in impact, Belarusians won’t be able to make use of peer-to-peer crypto exchanges.

The Belarusian Ministry of Overseas Affairs is drafting a brand new invoice outlawing peer-to-peer (P2P) cryptocurrency buying and selling of cryptocurrencies equivalent to Bitcoin.

On July 2, the Ministry of Overseas Affairs (MFA) of the Republic of Belarus formally introduced on Telegram a brand new legislation outlawing personal peer-to-peer (P2P) cryptocurrency buying and selling.

The Belarusian Ministry of Overseas Affairs (MFA)’s announcement considerably violates current laws that Belarus has handed. Belarusian President Alexander Lukashenko formally endorsed the free circulation of Bitcoin and different cryptocurrencies in 2022.

Belarus factors to excessive cybercrime price

Citing Belarus’ excessive cybercrime price, authorities claimed that for the reason that starting of the 12 months, the native prosecutor’s workplace had blocked 27 residents from offering “unlawful cryptocurrency alternate companies.”

Complete proceeds from illicit positive factors amounted to roughly 22 million Belarusian rubles ($8.7 million).

In keeping with the Ministry of Overseas Affairs, cryptocurrency P2P companies are “in demand amongst thieves who wish to convert stolen funds into money and switch them to felony scheme organizers and individuals.”

To eradicate such unlawful actions (HTP), the MFA prohibits private P2P and permits the alternate of cryptocurrencies solely by way of cryptocurrency exchanges registered within the Belarusian Hello-Tech Park. It additionally mentioned it could introduce practices “that make it unimaginable to withdraw illegally obtained funds” in addition to procedures for foreign money alternate.