Cryptocurrency exchange between individuals may be banned in Belarus

Belarus plans to ban cryptocurrency exchange transactions between individuals. This was reported by representatives of the country’s Ministry of Internal Affairs, explaining that the state plans to fight fraud in this way.

The Ministry of Internal Affairs is currently preparing amendments to the legislation. According to representatives of the Belarusian government, cryptocurrency exchange services between individuals are in demand by scammers who convert stolen money and transfer it to organizers or participants in criminal schemes.

Since the beginning of 2023, the criminal services of Belarus have detained 27 people involved in illegal cryptocurrency exchange. Their illegal profits are estimated at 22 million Belarusian rubles.

According to Alexander Ringevich, Deputy Head of the Belarusian Ministry of Internal Affairs, the integration of practices similar to foreign currency exchange will make it impossible to illegally withdraw the proceeds of crime. «These measures should make Belarus unattractive for IT fraudsters ,» emphasized Ryngevich.

As a reminder, in February, a schoolboy from Minsk tried to make money by selling non-existent cryptocurrency. Back in August 2022, one of the potential buyers found the boy’s ad in a chat room and arranged a meeting with the «seller». During the transaction, the child pretended to conduct a «transaction» on his smartphone. Instead, the boy took the victim’s real $ 6,000.