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• 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 is not going to be allowed to use peer-to-peer crypto exchanges.

The international 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 Foreign Affairs (MFA) made a proper announcement on Telegram concerning the brand new laws that may outlaw peer-to-peer (P2P) cryptocurrency transactions for people.

Belarus’ Ministry of Foreign 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 for the reason that 12 months’s starting, native prosecutors have stopped 27 residents from providing “illegal crypto exchange services.”

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

According to the international ministry, cryptocurrency P2P providers are “in demand among thieves who cash out and convert stolen funds and transfer money to criminal scheme organizers or participants.”

The MFA will forbid people from P2P and solely allow them to alternate cryptocurrencies solely by way of cryptocurrency exchanges registered with Belarus Hi-Tech Park so as to eradicate such illicit exercise (HTP). It additionally acknowledged that it intends to implement a follow that may make it “impossible to withdraw money obtained from illegal activity,” comparable to the method for exchanging foreign currency echange.