Monday, November 28, 2022

Belarus President To Support Free Crypto Circulation In New Decree

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The Belarus president will support free crypto circulation in a new decree which will provide a legal basis for the regulators to set up a register of crypto wallets used in illegal activities so let’s read further in our latest cryptocurrency news today.

Belarus President Alexander Lukashenko signed a decree that affirmed the country’s formal support of free crypto circulation for coins like BTC. Lukashenko’s press office announced that the president signed a decree “on the register of virtual wallet addresses and the circulation of crypto.” The document provides a legal basis for Belarus Hi-Tech Park to establish and to manage a registered of crypto wallets used in illegal activities and the new decree document outlined details of the process and standards for seizing crypto from criminals by the government. The decree intends to protect crypto investors from losses and to prevent unintentional involvement in activities that are prohibited by law. The announcement pointed out that Belarus took a friendlier stance on crypto:

“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.”

belarus

According to the document, Belarus’ Council of Ministers is required to adopt appropriate measures and enforce the decree three months after the publication. Lukashenko’s move in the regulatory ecosystem reaffirms the country’s commitment to supporting crypto development like crypto mining and trading. Lukashenko called on the governemnt to mine crypto using spae power infrastructure and previously, the country’s financial institution launched a crypto exchange service.

While the country has been moving towards crypto adoption, some of its key economic and political partners were falling behind on the regulation. Russia adopted its “On Digital Financial Assets” law back in 2021 but still maintains regulatory uncertainity as various financial regulators continue to disagree on how to regulate crypto in so despite the government approving the concept of crypto regulation last week, the Bank of Russia continues to oppose the crypto adoption. As per the local reports, the Russian central bank prepared an initiative to ban crypto in Russia.

Bank Of Russia wants, ban, bitcoin, crypto, countries
Central Bank Of Russia

As recently reported, The increased tensions between Ukraine and Russia have a heavy influence over the market prices and the talks of war-making headlines every day only contribute to the factor. The Russian troops are amassing the Ukrainian border and today the White House said that Russia could invade the country in the next few days but the fears of inflation also played a huge part in spooking the investors with the US inflation hitting its highest level in 40 years.

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