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

Lukashenko wants a single state regulatory body

According to the Belta news agency, Lukashenko met with senior officials to clarify the regulatory framework for the cryptosphere. In general, it calls for 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.

The President of Belarus therefore considers that the Central Bank of Belarus and the State Audit Committee should propose to clarify certain provisions of the legislation and to establish the necessary level of supervision in the new area of financial transactions.

Although he took time to discuss issues related to cryptocurrencies, the purpose of the meeting was to look for ways to develop digital technologies in Belarus. Mr. Lukashenko summarized all of his contributions to these issues and emphasized that he only wanted to control and not ban the industry.

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

After the meeting, Belarus Deputy Prime Minister Nikolai Snopkov suggested that the Belarus High-Tech Park, an IT incubator of the state, could eventually oversee issues related to cryptography in the country.

Belarus – Relations in respect of crypto-currencies

Only one cryptocurrency exchange has been registered in Belarus since the country began regulating the sector 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, has collected more than $2 million in bitcoin (BTC) donations per month to fund movements that have sprung up during the protests.

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

Photo credit: Shutterstock, Pixabay, Wiki Commons

Related Tags:

pimp os download free,best linux os for crypto mining,bitcoin mining iceland,best os for mining,hiveos,mining os,Privacy settings,How Search works,bonus mining pro,free linux mining os

Relevant news