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 .
Citizens of the east European country will be allowed to conduct crypto transactions only through exchanges based in the "for the sake of transparency and control."
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.
Edited by Sheldon Reback.
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