Fight against crime, by prohibiting the exchange of cryptocurrencies between individuals. This is the position of the government of Belarus, which has just announced a future legislative framework. But in reality, the ban could be difficult to implement.
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Cryptocurrency exchanges between individuals soon banned in Belarus?
The Interior Ministry announced the move in a Telegram post on Sunday. The prohibition of cryptocurrency exchanges between individuals would allow better control of illegal flowsaccording to the government:
“Such services are used by scammers who collect and thus convert stolen funds, transfer money to organizations or participants to criminal activities.»
Hence two proposals: on the one hand, the prohibition of peer-to-peer (P2P) exchange of cryptocurrencies. On the other hand, citizens of Belarus will not be able to obtain cryptocurrencies only through selected trading platforms. That is, those that are part of the “Belarus High Tech Park”, the Belarusian Silicon Valley, where several crypto companies are located.
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Strengthen exit controls
In addition to this, Belarus plans to introduce more extensive controls when trading cryptocurrencies for fiat currencies, including the local Belarusian ruble (BYN). This is to monitor the exchanges as if it were foreign currency :
“The introduction of a practice similar to the foreign currency exchange procedure will make it impossible to withdraw money obtained by criminal means. Under such conditions, it will simply become unprofitable for IT fraudsters to operate in Belarus.»
In reality, of course, it is more complicated than that. It is very complex to prohibit the exchange of cryptocurrencies between individuals, the latter having precisely been created historically to resist censorship. Furthermore, the use of platforms outside of Belarus, which are more decentralized, is also difficult to contain. China experienced this when banning cryptocurrency transactions, with a black market that had exploded.
It will also be recalled that illegal transactions represented only 0.15% of the volume of cryptocurrencies in 2022, according to a report by Chainalysis. We can therefore wonder about the need to ban an entire section of new financial technologies, to contain what basically represents only a fraction of the ecosystem.
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Source: Ministry of the Interior via Telegram
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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