Belarus wants to ban P2P cryptocurrency transactions

The Belarusian overseas ministry is moving connected ineligible amendments to prohibit peer-to-peer, oregon P2P, transactions successful cryptocurrencies similar Bitcoin (BTC).

The Ministry of Foreign Affairs (MFA) of the Republic of Belarus connected July 2 issued an authoritative announcement connected Telegram astir caller authorities that would prohibition P2P crypto speech for individuals.

The authorization cited a precocious cybercrime complaint successful Belarus, stating that section prosecutors person suppressed the enactment of 27 citizens providing “illegal crypto speech services” since the opening of the year. Their full amerciable revenues amounted to astir 22 cardinal Belarusian rubles ($8.7 million).

The overseas ministry argued that crypto P2P services are “in request among fraudsters who currency retired and person stolen funds and transportation wealth to organizers oregon participants successful transgression schemes.”

In bid to destruct specified illicit activity, the MFA volition prohibit individuals from P2P and volition lone let them to speech crypto via exchanges registered with Belarus Hi-Tech Park, (HTP). The regulator stated:

“The MFA is moving connected legislative innovations that prohibit crypto speech transactions betwixt individuals. For transparency and control, citizens volition beryllium allowed to behaviour specified fiscal transactions lone done the HTP exchanges.”

The authorization besides noted that it plans to instrumentality a signifier akin to the process for exchanging overseas currencies, which volition marque it “impossible to retreat wealth obtained from amerciable activity.”

“Under specified conditions, it volition simply go unprofitable for accusation exertion fraudsters to run successful Belarus,” the MFA wrote.

In effect to the quality from Belarus, galore cryptocurrency enthusiasts person questioned the government’s quality to prohibition P2P cryptocurrency trading. “Good luck enforcing it,” 1 crypto perceiver connected Twitter said.

Related: Banning crypto ‘may not beryllium effectual successful the agelong run’ — IMF

P2P speech is the archetypal thought of Bitcoin, arsenic written by anonymous BTC creator Satoshi Nakamoto successful its achromatic paper. According to Bitcoin advocates similar Jan3 CEO Samson Mow, banning P2P seemingly is not an casual task, if not unfeasible. The exec told Cointelegraph successful June that galore users successful China inactive usage P2P channels to speech their crypto contempt the state banning each crypto transactions for users successful 2021.

The latest quality from Belarus is somewhat contrary to authorities Belarus has passed successful caller years. In 2022, Belarusian President Alexander Lukashenko signed a decree affirming the country’s ceremonial support of escaped circulation of cryptocurrencies similar Bitcoin.

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