Belarus President Lukashenko calls for clearer crypto framework

Belarusian President Aleksandr Lukashenko instructed lawmakers to develop transparent rules for the country’s cryptocurrency market.

According to a Friday report by the local news agency Belarusian Telegraph Agency, Lukashenko said during a recent government conference that it is important for Belarus to keep up with trends. He said:

“The task of the state in these conditions is to determine understandable, transparent rules of the game and mechanisms for control in this sphere. It is important because it is a new area for the country.”

Lukashenko pointed out that in 2023, he “gave a number of instructions to ensure comprehensive regulation of the sphere of digital tokens and cryptocurrencies.” He was referring to the Belarusian Presidential Decree No. 80, which called for developing a national crypto framework.

Alexander Lukashenko. Source: WikimediaRelated: SEC’s agenda proposes crypto safe harbors, broker-dealers reforms

Belarus shows interest in crypto

The Belarusian president noted that it is necessary to clearly determine the role of government agencies and the government-backed IT special economic zone Hi-Tech Park in the crypto industry. The remarks follow Lukashenko’s instructions in March to his energy minister to begin developing the country’s cryptocurrency mining industry.

“Look at this mining,” Lukashenko said, according to a translated version of the report. “If it is profitable for us, let’s do it. We have excess electricity. Let them make this cryptocurrency and so on.”

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Yes to crypto, but not really

While Belarus appears to be interested in cryptocurrency, it also seems to be opposed to its decentralized and permissionless nature. In the summer of 2023, the Belarusian Ministry was working on legal amendments that would prohibit peer-to-peer transactions in cryptocurrencies, such as Bitcoin.

That intent was translated into a new law last year, when, in mid-September, Lukashenko signed Decree No. 367. Per the announcement, “the decree established a ban for individuals, including individual entrepreneurs who are residents of the Hi-Tech Park, on buying and selling cryptocurrency outside Belarusian crypto exchanges.”

The move aims to ensure state control over digital assets in the nation. The announcement reads:

“This is intended to promote the development of a transparent and controlled circulation of digital tokens, primarily cryptocurrency.“

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