Belarus Intends To Put A Ban On P2P Crypto Transactions, Here’s Why

2023-7-4 00:30

The Belarusian Ministry of Foreign Affairs is formulating legal changes prohibiting peer-to-peer (P2P) cryptocurrency transactions.

Recently, the Ministry of Foreign Affairs (MFA) of the Republic of Belarus issued an official announcement detailing the objectives and implications of the new legislation concerning individuals engaged in cryptocurrency exchanges.

The Belarusian Ministry of Foreign Affairs has disclosed that local authorities have successfully intercepted nearly 30 instances of alleged fraudulent activities related to illegal cryptocurrency exchange services since the beginning of the year.

The collective illegal revenues from these alleged intercepted fraudulent activities in Belarusian rubles amounted to nearly 22 million rubles, equivalent to approximately $8.7 million.

High Crypto Crime Rate Linked To P2P Transactions?

The ministry stated that peer-to-peer (P2P) cryptocurrency services are highly sought after by fraudsters due to their “utility in cashing out and converting stolen funds.” The government official claims that these services facilitate money transfers to organizers or participants involved in criminal schemes.

By emphasizing this point, the ministry highlights the role of P2P services in allegedly enabling illegal activities and strengthens the case for implementing regulatory measures to combat such fraudulent practices.

The proposed ban on peer-to-peer (P2P) trading marks a notable change in Belarus’s approach to cryptocurrencies. In 2022, President Alexander Lukashenko signed a decree endorsing the unrestricted circulation of cryptocurrencies, including Bitcoin, within the country.

This shift in stance indicates a re-evaluation of the regulatory framework surrounding digital assets in Belarus and highlights the government’s evolving perspective on the subject.

The regulator mentioned:

The MFA is working on legislative innovations that prohibit crypto exchange transactions between individuals. For transparency and control, citizens will be allowed to conduct such financial transactions only through the HTP exchanges.

Individuals must exchange cryptocurrencies exclusively through registered exchanges affiliated with Belarus Hi-Tech Park (HTP).

Additionally, the authority intends to introduce a procedure similar to exchanging foreign currencies. This procedure aims to create an environment where it becomes impossible to withdraw money acquired through illegal activities.

The ministry expressed that, under the proposed conditions, it would become financially unviable for information technology fraudsters to operate within Belarus.

Concerns Over Successful Implementation Of P2P Ban

Although the government is taking measures to ban peer-to-peer (P2P) trading, skeptics raise doubts about its effectiveness. Previous bans on P2P channels for crypto exchanges in countries like China have not been entirely successful in eliminating such trading.

Many digital asset enthusiasts question the feasibility of enforcing such a ban, arguing that P2P trading is deeply rooted in the fundamental principles of digital assets like Bitcoin, allowing citizens to transact freely without government intervention.

This skepticism reflects concerns about the practicality and potential limitations of restricting P2P trading activities within the ecosystem.

P2P exchange is indeed an integral part of the original concept of Bitcoin, as described by the anonymous creator Satoshi Nakamoto in the cryptocurrency’s Whitepaper.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

P2P Global Network (P2PX) на Currencies.ru

$ 2.26E-5 (+0.17%)
Объем 24H $0
Изменеия 24h: 1.11 %, 7d: 16.40 %
Cегодня L: $2.19E-5 - H: $2.26E-5
Капитализация $987 Rank 2331
Доступно / Всего 43.58m P2PX

transactions ministry affairs belarus crypto foreign p2p

transactions ministry → Результатов: 46


Russian Restrictive Policy Limits Licensed Platforms Transactions

Russian Central Bank and the Ministry of Finance’s adverse opinions lead to a restrictive policy instead of banning the use of cryptocurrencies. Per the Coindesk, the Ministry of Finance purposes a bill that limits the crypto transactions tied with licensed operators in Russia, adding peer-to-peer trading as illegal, while certified wallets are allowed. Related Reading […]

2022-2-25 11:44


French Ministry of Finance Targets Strict KYC Rules For Crypto Transactions; No More Anonymity

France is strengthening its fight against anonymity in crypto transactions, Bruno Le Maire, French Minister of Finance and Economics. In a full statement sent to the Council of Ministers by Bruno Le Maire, Oliver Dussopt and Sebastien Lecornu propose stringent Know-Your-Customer (KYC) laws to govern crypto transactions.

2020-12-11 22:07


Bank of Russia Is Studying Pros & Cons of a Digital Ruble; May Start Developing CBDC In 2021

According to Izvestia, a Russian finance news site, the Ministry of Finance and Bank of Russia investigate other nations’ efforts in releasing a central bank digital currency (CBDC). The post, published on Monday, highlights some of Russia's advantages of launching its own digital ruble, including reducing the cost of transactions, more opportunities for cross-border payments, […] The post Bank of Russia Is Studying Pros & Cons of a Digital Ruble; May Start Developing CBDC In 2021 first appeared on BitcoinExchangeGuide.

2020-10-21 20:41


Фото:

Russia’s Interior Ministry Looking to Criminalize Unregistered Crypto Activity

Russia’s Ministry of Internal Affairs is considering establishing criminal liability for unregistered crypto operations. According to a report dated August 23, 2018, the head of Russia’s Main Directorate for Drug Trafficking, Andrey Khrapov, has asked the country’s legislators to require that all cryptocurrency transactions exceeding 600,000 rubles (around USD 9000) be registered with or monitored by Russian authorities.

2018-8-30 17:00