Belarus President Signs Decree To Support Free Circulation Of Cryptocurrencies
Alexander Lukashenko, the President of Belarus, has signed a decree to support free circulation of cryptocurrencies like Bitcoin (BTC).
It has been reported that the president has signed a decree named “On the register of virtual wallet addresses and the circulation of cryptocurrency.” The document provides a legal basis for Belarus Hi-Tech Park to establish and manage a register of crypto wallet addresses used in illegal activities.
However, the decree document specifically details the process and standards for seizing cryptocurrency from criminals by the government. The decree intends to protect crypto investors from potential losses and to “prevent unintentional involvement in activities prohibited by law.”
The report stated:
“Belarus is consistently developing the legal field for regulating activities related to digital assets, and, unlike many other states, allows free circulation of digital currencies.”
Likewise, according to the document, Belarus’ Council of Ministers is required to adopt appropriate measures to enforce the decree in three months after its publication. Lukashenko’s latest move in the Belarusian crypto regulation ecosystem reaffirms the country’s commitment to supporting cryptocurrency development, including crypto mining and trading.
In September 2021, Lukashenko called on the government to mine crypto using spare power infrastructure. Previously, Belarus’ largest financial institution, Belarusbank, reportedly launched a crypto exchange service. While Belarus has apparently been moving toward cryptocurrency adoption, some of its key economic and political partners were falling behind on crypto regulation.
Moreover, Russia, which adopted its “On Digital Financial Assets” law in January 2021, maintains regulatory uncertainty as its various financial regulators continue to disagree on how to regulate crypto in the country. Despite the Russian government formally approving the concept of crypto regulation last week, the Bank of Russia continues to oppose crypto adoption.
Thus, the Russian central bank once again prepared an initiative to ban crypto circulation in Russia on Tuesday.