Belarus may ban cryptocurrency exchange between individuals

MINSK. July 3 (Interfax) - The Belarusian Interior Ministry has proposed banning cryptocurrency exchange between individuals.

"The Interior Ministry is drafting bills to ban cryptocurrency exchange between individuals. For the sake of transparency and control, individuals will be allowed conducting such transactions only via Belarus Hi-Tech Park exchanges," the ministry press service said on Sunday.

The ministry said the proposal will help fight cybercrime. Officers of the ministry's cybercrime division have put an end to illegal cryptocurrency exchange by 27 persons this year alone. The illegal revenue neared 22 million Belarusian rubles (about $7.3 million).

"Such services are in demand by fraudsters, who use this method to cash in and exchange stolen money or transfer payments to organizers or members of illegal plots," the ministry said.

A procedure similar to the one of foreign currency exchange will prevent money laundering, as operations in Belarus will become unprofitable to cyber fraudsters, the ministry said.