The Belarusian Ministry of Overseas Affairs is engaged on legislative modifications that can ban peer-to-peer (P2P) transactions in cryptocurrencies equivalent to Bitcoin (BTC).

On July 2, the ministry printed an official announcement on Telegram about new legal guidelines that may ban P2P crypto exchanges for people.

Citing a high price of cybercrime in Belarus, the company stated native prosecutors had suppressed the actions of 27 residents providing “unlawful crypto change providers” since January 2023. Their whole illicit earnings amounted to almost 22 million Belarusian rubles ($8.7 million).

The ministry argued that crypto P2P providers “are in demand by scammers who pay out and convert stolen funds and switch funds to organizers or members in legal actions.”

To forestall such unlawful actions, the ministry will ban people from P2P and permit them to change cryptocurrencies solely by exchanges registered with Belarus Hello-Tech Park (HTP). The regulator acknowledged:

“The MFA is engaged on legislative improvements that may ban crypto change transactions between people. For causes of transparency and management, residents are solely allowed to conduct such financial transactions by the HTP exchanges.”

The company additionally indicated that it plans to introduce a follow just like overseas forex change procedures, which “will make it unimaginable to withdraw funds from unlawful actions.”

“In such situations, it turns into merely unprofitable for info know-how scammers to function in Belarus,” the ministry wrote.

In response to the information out of Belarus, many cryptocurrency fanatics have questioned the federal government’s potential to ban P2P cryptocurrency trading. “Good luck with enforcement,” stated one crypto watcher on Twitter.

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The P2P change is the unique brainchild of Bitcoin, as nameless BTC inventor Satoshi Nakamoto writes in his white paper. Banning P2P isn’t any straightforward process, if not unimaginable, in keeping with Bitcoin advocates like Jan3 CEO Samson Mow. The manager instructed Cointelegraph in June that many customers in China are nonetheless utilizing P2P channels to change their cryptocurrencies, regardless of the nation banning all cryptocurrency transactions for customers in 2021.

The most recent information from Belarus is considerably at odds with the legal guidelines that Belarus has handed in recent times. In 2022, Belarusian President Alexander Lukashenko signed a decree reaffirming the nation’s formal assist for the free circulation of cryptocurrencies like Bitcoin.

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