Efforts to Block Criminal Schemes, Belarus Blocks Crypto P2P!

<p>&nbsp;"Haih, what is the fate of the people, because the liars are all useless."</p><p><br /></p><p>The Ministry of Foreign Affairs of Belarus was recently reported to be working on a law amendment that would ban peer-to-peer (P2P) transactions in cryptocurrencies such as Bitcoin (BTC).</p><p><br /></p><p>The action was implemented shortly after local prosecutors blocked the activities of 27 citizens who illegally provided crypto exchange services since January 2023, where their total illegal income amounted to almost $8.7 million.</p><p><br /></p><p>It is explained that fraudsters have withdrawn money and exchanged stolen funds and then transferred the money to the organizers or participants in the criminal scheme.</p><p><br /></p><p><br /></p><p>Following that, the ministry seeking to eradicate the illegal activity has banned individuals from P2P and only allows them to exchange digital assets through a crypto exchange registered with the Belarus Hi-Tech Park (HTP).</p><p><br /></p><p>While the authorities also plan to implement procedures for foreign currency conversion that will cause information technology fraudsters operating in Belarus to be unable to make a profit.</p><p><br /></p><p>Even so, many crypto enthusiasts are questioning the ability of governments that want to ban P2P digital asset trading to enforce it, a crypto watcher commented on his Twitter account.</p><p><br /></p><p>According to Samson Mow, Chief Executive Officer (CEO) of Jan3 said banning P2P is not an easy task as many users in China still use P2P to exchange crypto even though the country bans all digital asset transactions in 2021.</p><p><br /></p><p>There is no denying that Belarus's latest news is somewhat contrary to the laws it passed in the past few years following Belarusian President Alexander Lukashenko's 2022 signing of a decree to support the free circulation of cryptocurrencies.</p><p><br /></p><p>&nbsp; 22</p><p>&nbsp; ShareFacebookTwitterTelegramFacebook MessengerLinkedinEmail</p><p>Become an INT VIP Subscriber</p>