Belarus Will Ban Peer-to-Peer Crypto Transactions Over Fraud Fears

2023-7-4 22:21

Belarus, infamous for being Europe’s last remaining dictatorship, has moved to implement further restrictions on crypto trading. In a post on the social media app Telegram on Sunday, the Belarusian government announced plans to ban cryptocurrency transactions between individuals, citing fears over criminal fraud.

However, for “transparency and control,” citizens will have permission to conduct transactions through exchanges in the Belarus Hi-Tech Park (HTP). The park itself is located in the northeastern part of Minsk, the Belarusian capital.

Draconian Restrictions on Digital Currency

The HTP also works under the principle of extraterritoriality, where countries can extend their jurisdiction beyond their physical borders. Therefore, a company can be registered in any region of the country and at the same time fall under the jurisdiction of the HTP. Foreign companies can also register to operate in the HTP with a limited physical presence.

The statement went on:

“Implementing a practice similar to the procedure for exchanging foreign currencies will make it impossible to withdraw money obtained through criminal means. Under such conditions, it will simply become unprofitable for IT fraudsters to operate in Belarus.”

Belarus has regulated cryptocurrencies since 2017. Currently, the country only has one locally registered crypto exchange, called Currency.com.

Concerned about economic surveillance and your digital privacy? Learn more about privacy coins here: How do Privacy Coins Work?

The new law will be the latest in a long line of measures to restrict economic freedom. Belarus is the least economically free country in Europe, according to the Heritage Foundation, ranking 145 out of 176 countries globally. Freedom House gives Belarus 8 points out of 10 for freedom overall.

The Eastern European country is one of the few to have actively “turned off” the internet after widespread 2020 protests following a rigged election.

Belarus Ranks 25th on Crypto Adoption Index

The usage of cryptocurrency has increased in recent years following the post-election crackdown. Dissidents and protestors turned to cryptocurrencies and VPNs to skirt repression and financial monitoring. In the latest Crypto Adoption Index by Chainalysis, Belarus ranked relatively high, at 25.

This year, the longstanding autocratic President, Alexander Lukashenko, said the country should look to China for guidelines on controlling the digital economy. The new special governmental body would look to formalize regulations around the technology, according to news agency Belta.

The post Belarus Will Ban Peer-to-Peer Crypto Transactions Over Fraud Fears appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Babes and Nerds (BAN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 BAN

transactions crypto peer-to-peer belarus ban fraud fears

transactions crypto → Результатов: 126


Фото:

U.S. Treasury targets crypto mixer transactions as new class of ‘primary money laundering concern’

The U. S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on Oct. 19 that it is advancing regulation that could broadly restrict crypto mixers. The agency’s Notice of Proposed Rule Making (NPRM) identifies transactions made through convertible virtual currency (CVC) mixing platforms — generally referred to as crypto mixers — as a “class of transactions of […] The post U.

2023-10-20 22:30


French Ministry of Finance Targets Strict KYC Rules For Crypto Transactions; No More Anonymity

France is strengthening its fight against anonymity in crypto transactions, Bruno Le Maire, French Minister of Finance and Economics. In a full statement sent to the Council of Ministers by Bruno Le Maire, Oliver Dussopt and Sebastien Lecornu propose stringent Know-Your-Customer (KYC) laws to govern crypto transactions.

2020-12-11 22:07


Фото:

Bitcoin Cash Researchers Propose a New Transaction Ordering Rule

This week four Bitcoin Cash (BCH) researchers and developers proposed a different transaction sorting process for the BCH protocol called ‘canonical transaction ordering. ’ The proposed method would sort transactions against their identifiers, rather than the current topological transaction ordering rule, making it easier to for the network to process very large blocks.

2018-6-14 03:10


South Korean banks suspected Coinrail transactions months before in Feb

In the latest update to the largest South Korean crypto stealing scandal valued at $37.28 million, media has unearthed evidence that banks had detected suspicious behavior at local exchanges. South Korea major trading center In terms of volume and number of exchanges, South Korean, is by far one of the largest trading centers of cryptocurrency […] The post South Korean banks suspected Coinrail transactions months before in Feb appeared first on ZyCrypto.

2018-6-14 16:25


Swiss Bank to offer Business account to crypto and blockchain related project

Switzerland is recognized as a center for cryptocurrency and blockchain transactions, with Zug (a place in the country) even being referred to as the “Crypto Valley”. The low-tax region is a productive ground for countless startups – ventures such as Ambrosus, Bancor and Jibrel Network have offices in Zug. Another huge cherry on the cake […]

2018-6-13 15:21


Фото:

Is It Right That EOS Is Forcing You To Give Up Your Private Key?

As the EOS MainNet launch continues, after the worlds biggest and most successful ICO that has really delivered EOS to the fore, we are now seeing the network sit within a state of limbo. A state of limbo that is requiring investors to confirm their private key in order to prove asset ownership, in order to allow them to place a vote on who will be allowed to process transactions on the new EOS blockchain.

2018-6-13 13:30


Canadian Exchanges Reports Transactions Over $10k per Proposed Regulations

Once the proposed regulations are implemented, every transaction above $10,000 CAD will have to be reported. Also Read: Bitcoin in Brief Monday: Korean Exchange Hack Takes a Toll on Crypto Markets Crypto Exchanges to Report as MSBs The Department of Finance Canada has issued a Regulatory Impact Analysis Statement regarding proposed amendments to the country’s AML/ATF

2018-6-12 02:07