Belarus President Calls to Increase Regulation on Cryptocurrencies, Citing ‘China’s Experience’

During the week, the President of Belarus held a meeting where he mentioned cryptocurrencies in the context of regulating the IT industry. Alexander Lukashenko said he would strengthen the regulatory framework for controlling the use of cryptographic material in Belarus.

Lukashenko wants a single state regulatory authority

According to the Belta news agency, Lukashenko met with senior officials to clarify the regulatory framework for the cryptosphere. In general, this requires changes to the industry’s current rules.

First of all, he welcomed the fact that Belarus is a pioneer in discussing legal issues related to cryptocurrencies:

The use of digital tokens (coins) and cryptocurrencies has become commonplace in many countries around the world. They are accepted as a complementary means of payment to traditional money. In 2017, we became the first in the world to create the legal conditions for the development of these technologies in Belarus.

In this regard, the President of Belarus believes that the Central Bank and the State Committee for Financial Control should be asked to clarify certain provisions of the legislation and determine the level of supervision required in the new area of financial transactions.

Although he found time to discuss issues related to cryptocurrencies, the purpose of the meeting was to find ways to develop digital technologies in Belarus. Mr. Lukashenko summarized all of his contributions on these issues, stressing that he only wanted to control the industry, not ban it.

The President of Belarus is even seeking the creation of a single state-level regulatory body for these purposes. During his briefing, Mr. Lukashenko cited the Chinese experience of building a digital society as an example.

After the meeting, Belarusian Deputy Prime Minister Nikolai Snopkov suggested that the Belarusian high-tech park, which is an IT incubator of the state, could eventually monitor cryptography-related issues in the country.

Belarus – Relations with crypto-currencies

Only one cryptocurrency exchange has been registered in Belarus since regulation of the sector began in 2017.

Mass protests against Lukashenko have made headlines in recent months. Cryptocurrencies have played a role in paving the way for the funding of protest movements.

Bysol, a Belarusian nonprofit, collects more than $2 million in bitcoin (BTC) donations each month to fund movements that have sprung up during the protests.

What do you think of Mr. Lukashenko’s comments about tightening controls on the cryptocurrency industry? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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