Belarus Plans To Ban Crypto Trading Between Individuals: Report

Key Points:

• Belarus is proposing a bill to ban cryptocurrency transactions between individuals and require citizens to trade only through official exchanges.
• The Ministry of Internal Affairs hopes that the restriction will make it unprofitable for fraudsters to operate in the country.
• The legislation is aimed at preventing illegal cryptocurrency transactions and promoting greater transparency and control in the market.

According to uz.kursiv.media, Belarus is planning to ban cryptocurrency transactions between individuals to prevent criminal activity and promote transparency. The legislation would require citizens to trade only through official exchanges.

Belarus is reportedly working on a bill that would prohibit cryptocurrency transactions between individuals. The Ministry of Internal Affairs (MVD) believes that this will help prevent the withdrawal of funds earned through criminal means. The proposed legislation would require citizens to trade cryptocurrencies only through official exchanges for the sake of transparency and monitoring.

The ministry hopes that this restriction will make it unprofitable for fraudsters to operate within Belarus. Currently, law enforcement authorities have identified 27 instances of illegal cryptocurrency exchanges since the beginning of 2023, with an estimated profit of almost 22 million Belarusian rubles ($8.7 million).

While the proposed legislation may seem strict, it is in line with other countries efforts to regulate the cryptocurrency market. Many governments are concerned about the use of cryptocurrencies for illegal activities, such as money laundering and tax evasion. By requiring citizens to trade cryptocurrencies only through official exchanges, the Belarusian government hopes to prevent such activities and ensure greater transparency and control.

However, this legislation would not ban cryptocurrencies outright but rather regulate their use. Citizens would still be able to trade cryptocurrencies, but only through official channels. While some may view this as a limitation on their freedom, it could also help to legitimize the cryptocurrency market and make it more accessible to the general public.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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