According to Cointelegraph, Belarusian President Aleksandr Lukashenko has directed lawmakers to establish clear and transparent regulations for the country's burgeoning cryptocurrency market. During a recent government conference, Lukashenko emphasized the importance of Belarus staying abreast of global trends in digital finance. He stated that the state's role is to define understandable rules and control mechanisms for this emerging sector, highlighting its novelty for Belarus.
Lukashenko referenced his previous directives from 2023, which aimed at comprehensive regulation of digital tokens and cryptocurrencies. This initiative was encapsulated in the Belarusian Presidential Decree No. 80, which sought to develop a national framework for cryptocurrency. The president underscored the necessity of delineating the responsibilities of government agencies and the government-supported IT special economic zone, Hi-Tech Park, within the crypto industry. His remarks follow earlier instructions to the energy minister to explore the potential of cryptocurrency mining, leveraging Belarus's surplus electricity.
Despite Belarus's apparent interest in cryptocurrency, the nation has shown resistance to its decentralized nature. In mid-2023, the Belarusian Ministry proposed legal amendments to restrict peer-to-peer cryptocurrency transactions, such as those involving Bitcoin. This intention was formalized last year when Lukashenko signed Decree No. 367, which prohibits individuals, including entrepreneurs residing in Hi-Tech Park, from engaging in cryptocurrency transactions outside Belarusian exchanges. The decree aims to maintain state oversight over digital assets, promoting a controlled and transparent circulation of digital tokens, primarily cryptocurrencies.