Belarus is considering limiting peer-to-peer (P2P) peer-to-peer transactions conducted with cryptocurrencies as part of its efforts to combat crime. The law enforcement unit under the country's Ministry of Internal Affairs is taking this step due to concerns that fraudsters are using P2P crypto services to engage in criminal activities. This measure is not the latest step taken by Belarus in combating crime, as the country has previously hindered numerous cryptocurrency transactions associated with illegal income. #P2P #Belarus

The Role of Cryptocurrencies in Fighting Crime:

Cryptocurrencies have gained popularity worldwide in recent years. However, criminals have also found opportunities in this field and are using cryptocurrencies to carry out criminal activities. Alexander Ringevich, Deputy Head of the law enforcement unit under the Belarus Ministry of Internal Affairs, stated that fraudsters prefer P2P crypto services. These services are used to convert stolen funds into cash and transfer money to those involved in criminal activities.

Belarus' Efforts to Combat Crime:

According to Alexander Ringevich, since 2023, the Belarus Ministry of Internal Affairs has prevented approximately 27 individuals from engaging in "illegal" cryptocurrency exchange services associated with illicit income. Assets worth approximately 22.7 million rubles (9 million dollars) have been identified in connection with these transactions. In order to prevent such incidents, the ministry is planning to restrict P2P crypto services.

Restricting Peer-to-Peer Crypto Transactions:

The Belarus Ministry of Internal Affairs is taking steps to ban P2P crypto transactions as part of its efforts to combat crime. According to the plan, only crypto transactions conducted through registered exchanges will be allowed. This restriction aims to prevent fraudsters from utilizing P2P crypto services for criminal activities. The Belarusian government intends to regulate the use of cryptocurrencies and limit illegal activities in line with its objectives in the fight against crime. #peer-to-peer

In Summary:

Belarus is planning to restrict P2P crypto trading as part of its efforts to combat crime. According to Deputy Head Alexander Ringevich, fraudsters are using P2P crypto services in their criminal activities. Therefore, the Belarus Ministry of Internal Affairs is making plans to restrict these transactions associated with illegal income.

By allowing crypto transactions through registered exchanges, the aim is to achieve more effective control in the fight against crime. The Belarusian government is taking these steps to limit the use of cryptocurrencies in illegal activities and strengthen its efforts in combating crime.