Belarus seeks to ban cryptocurrency exchange
The nation aims to combat cybercrime, which has been generated from the use of cryptocurrencies
The Belarusian Ministry of Foreign Affairs is currently in the process of reviewing legislation to ban peer-to-peer (P2P) transactions of cryptocurrencies such as Bitcoin (BTC).
On July 2, the ministry issued an official statement on Telegram announcing the new regulation that would prevent individuals from exchanging cryptocurrencies P2P.
The justification given by the authority is the high rate of cybercrime in Belarus. Local prosecutors’ offices reportedly stopped the activity of 27 citizens offering “illegal cryptocurrency exchange services” since January 2023, with illicit proceeds amounting to almost 22 million Belarusian rubles.
The agency argued that P2P cryptocurrency services are widely used by fraudsters to collect and convert stolen funds, as well as transfer money to organizers or participants in criminal activities.
In order to stamp out this illegal activity, the ministry plans to ban individuals from P2P trading and only allow them to trade cryptocurrencies through exchanges registered at the Belarus Hi-Tech Park (HTP). The regulator stated:
“The Ministry of Foreign Affairs is working on legislative modifications that will prohibit cryptocurrency exchange transactions between individuals. With the aim of promoting transparency and control, citizens will only be able to carry out this type of financial transactions through exchanges of the HTP.”
In addition, the authority announced its intention to implement a procedure similar to that used in the exchange of foreign currencies, which will make it difficult to withdraw money obtained from illegal activities.
K. Tovar
Source: Cointelegraph
(Reference image source: FLY:D, Unsplash)
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