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Belarus Looks to Ban Peer-to-Peer Crypto Transactions to Reduce Fraud
The east European country is working on legislation to make it harder for fraudsters to get their hands on the proceeds of crime.
Belarus plans to issue legislation banning peer-to-peer (P2P) crypto transactions to reduce fraud, the Ministry of Internal Affairs said in a Sunday Telegram post.
Citizens of the east European country will be allowed to conduct crypto transactions only through exchanges based in the Belarus Hi-Tech Park (HTP) "for the sake of transparency and control."
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The ministry said it had identified 27 people who provide illegal crypto exchange services, which are used by fraudsters to get their hands on the proceeds of their activities.
"The introduction of a practice similar to the procedure for exchanging foreign currencies will make it impossible to withdraw money obtained through criminal means. In such conditions, it will simply be unprofitable for IT fraudsters to operate in Belarus," the statement read.
CoinDesk called the Belarus Ministry of Internal Affairs but did not get a response.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
