Belarus Seeks to Put a Ban on P2P Crypto Transactions

Authorities in Belarus stated that they would prohibit people from engaging in P2P cryptocurrency transactions.

As per the official announcement on Telegram issued on July 2,  the Belarusian Ministry of Foreign Affairs is focusing on law reforms to restrict peer-to-peer (P2P) operations in cryptocurrencies , including Bitcoin.

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New Law to Ban P2P Transactions

The authorities released the latest law that would prohibit people from engaging in P2P cryptocurrency trade. The ministry claimed a high crypto criminal activity as the reason for prohibiting all citizens from trading Bitcoin. 

Millions Made vis Crypto Scams

According to the report, local prosecutors have restricted the operation of 27 persons providing “illegal crypto exchange services” since January 2023. Their unlawful earnings were roughly 22 million Belarusian rubles ($8.7 million). 

“Under such conditions,” the ministry stated, “it will simply become unprofitable for information technology fraudsters to operate in Belarus.”

Only Transactions via Authorized Exchanges Allowed

Noteworthy, the authorities will only permit individuals to trade cryptocurrencies through exchanges licensed by Belarus Hi-Tech Park (HTP). They stated: “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.”

In addition, the authority stated that its intention is to introduce a system similar to the trading of foreign currencies, so that it would be “impossible to withdraw money obtained from illegal activity.”

P2P Transactions Played a Fundamental Role in Bitcoin Industry

It is remarkable that the fundamental concept behind Bitcoin was peer-to-peer trading, according to the white paper’s mystery author Satoshi Nakamoto. The most recent news regarding white paper was reported when it was discovered that Bitcoin white paper is concealed in contemporary iterations of operating systems in Apple’s Mac machines. 

While Belarus seeks to prohibit peer-to-peer cryptocurrency transactions, the widespread adoption of crypto platforms throughout European countries continues. As an example, Berlin-based neobank N26 boosted its presence in five European countries at the beginning of the year. The European nations it chose are Germany, Switzerland, Belgium, Portugal, and Ireland.

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