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- Belarusian President Alexander Lukashenko signed Decree No 48 on the register of virtual wallet addresses and the circulation of cryptocurrency, providing a legal foundation for Belarusian cryptocurrency regulator Online wallet identities used in unlawful activities will be tracked by Hi-Tech Park.
- Russia’s On Digital Financial Assets law, which was passed in January 2021, is still subject to regulatory uncertainty, since the country’s several financial regulators disagree on how to regulate bitcoin. Although the Russian government’s official confirmation of cryptocurrency legislation weeks ago, the Bank of Russia has refused to execute it.
- According to the bank, three of the 12 banks in the digital ruble trial group have already integrated the CBDC platform, with two of them completing a full cycle of digital ruble transactions between clients utilising mobile banking applications.
Belarusian President Alexander Lukashenko signed a decree publicly endorsing the continuous movement of cryptocurrencies such as Bitcoin. According to Lukashenko’s press office, the president has signed a decree titled On the registry of virtual wallet addresses and the circulation of cryptocurrencies.
Belarus Keeps Its Crypto-Friendly Stance
On Monday, Belarusian President Alexander Lukashenko signed Decree No 48 on the register of virtual wallet addresses and the circulation of cryptocurrency, providing a legal foundation for Belarusian cryptocurrency regulator Online wallet identities used in unlawful activities will be tracked by Hi-Tech Park. Belarus’ cryptocurrency regulator, Hi-Tech Park, told Bloomberg earlier this year that it had no plans to tighten its lax bitcoin-related legislation. Restrictive changes to the current regulatory structure are not currently planned, according to Hi-Tech Park’s publicity team.
Lukashenko signed the directive in order to protect investors, and the Council of Ministers will put it into effect within three months after its publication.
According to the official announcement: Belarus is steadily building its legislative framework for regulating digital asset activity, and unlike many other countries, it allows for the unrestricted circulation of digital currencies. Simultaneously, this necessitates continual monitoring of the situation and, if necessary, the supplementation and clarification of regulatory norms. To exclude examples of shadow financing of banned activity, for example.
The agreement lays out a legal foundation for Belarus Hi-Tech Park to construct and maintain a database of cryptocurrency wallet addresses used in illegal activities. The directive spells out the steps and criteria for the government seizing bitcoin from offenders. Belarus’ commitment to cryptocurrency growth, including mining and trading, has been reaffirmed by Lukashenko’s recent action in the country’s crypto regulatory ecosystem. In September 2021, Lukashenko requested that the government mine cryptocurrency using underutilised electricity infrastructure. Belarusbank, the country’s greatest economic institution, is said to have set up a bitcoin trading firm earlier this year.
Belarus is a crypto-friendly country, with the president releasing a decree titled On the Development of the Digital Economy in 2018 that contained tax breaks for businesses that deal in digital assets. Despite increasing regulatory scrutiny, the recent order preserves the country’s crypto-friendly attitude, and the legal structure that is being put in place is aimed to attract investment funds to put money into digital currency. While Belarus appears to be going in the direction of bitcoin acceptance, several of Belarus’s most important economic and political allies, such as Russia, are trailing behind in terms of cryptocurrency law.
Russia’s On Digital Financial Assets law, which was passed in January 2021, is still subject to regulatory uncertainty, since the country’s several financial regulators disagree on how to regulate bitcoin. Although the Russian government’s official confirmation of cryptocurrency legislation weeks ago, the Bank of Russia has refused to execute it.
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Russia Is Preparing To Launch Its CBDC
Following reports that the Bank of Russia has rejected the Finance Ministry’s intention to regulate bitcoin, the central bank has started testing its own digital currency. The Bank of Russia stated Tuesday that the digital ruble trial has officially commenced, with the successful completion of the first central bank digital currency (CBDC) transfers among people. The launch will take place in early 2022, in line with the bank’s plans to introduce the first digital ruble transactions. According to the bank, three of the 12 banks in the digital ruble trial group have already integrated the CBDC platform, with two of them completing a full cycle of digital ruble transactions between clients utilising mobile banking applications.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
