The Belarusian Ministry of International Affairs is engaged on authorized amendments prohibiting peer-to-peer (P2P) transactions in cryptocurrencies like Bitcoin (BTC).

On July 2, the ministry issued an official announcement on Telegram about new laws that will ban P2P crypto alternate for people.

The authority cited a excessive cybercrime charge in Belarus, stating that native prosecutors have suppressed the exercise of 27 residents offering “unlawful crypto alternate companies” since January 2023. Their complete unlawful revenues amounted to almost 22 million Belarusian rubles ($8.7 million).

The overseas ministry argued that crypto P2P companies are “in demand amongst fraudsters who money out and convert stolen funds and switch cash to organizers or members in prison schemes.”

So as to eradicate such illicit exercise, the MFA will prohibit people from P2P and can solely enable them to alternate crypto through exchanges registered with Belarus Hello-Tech Park, (HTP). The regulator acknowledged:

“The MFA is engaged on legislative improvements that prohibit crypto alternate transactions between people. For transparency and management, residents can be allowed to conduct such monetary transactions solely by way of the HTP exchanges.”

The authority additionally famous that it plans to implement a observe much like the process for exchanging foreign exchange, which is able to make it “unimaginable to withdraw cash obtained from criminal activity.”

“Beneath such circumstances, it should merely develop into unprofitable for info know-how fraudsters to function in Belarus,” the MFA wrote.

In response to the information from Belarus, many cryptocurrency fanatics have questioned the federal government’s potential to ban P2P cryptocurrency buying and selling. “Good luck imposing it,” one crypto observer on Twitter said.

Associated: Banning crypto ‘may not be effective in the long run’ — IMF

P2P alternate is the unique thought of Bitcoin, as written by nameless BTC creator Satoshi Nakamoto in its white paper. In accordance with Bitcoin advocates like Jan3 CEO Samson Mow, banning P2P apparently will not be a simple activity, if not unfeasible. The exec informed Cointelegraph in June that many customers in China nonetheless use P2P channels to alternate their crypto regardless of the nation banning all crypto transactions for users in 2021.

The newest information from Belarus is considerably opposite to laws Belarus has handed in recent times. In 2022, Belarusian President Alexander Lukashenko signed a decree affirming the nation’s formal support of free circulation of cryptocurrencies like Bitcoin.

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