Quote from: NotATether on Today at 10:24:22 AM

Bitcoin P2P transactions cannot be banned. There is no mechanism with which to detect that a Bitcoin transaction has been made, let alone detect who has made a transaction[1], since you can broadcast a transaction with a completely different IP address outside of Belarus' authority.

Maybe he wants to ban exchanges or off-ramps or the equivalent.

[1]: Outside of the very obvious and standard blockchain analysis services, but even these require a trail to already have been made that goes through a KYC service.

Of course, bitcoin transactions can't be banned, but the weak point is the border between crypto and cash. If the authorities want, they will begin to catch violators at the time of the exchange. Of course, summing up under this legislation. On the positive side, such tightening and bans could spur direct payment in currencies for goods or services between people. That's when it will be most interesting, because it is not known how they will be held accountable. Probably not in any way.

Quote from: _act_ on Today at 10:20:25 AM

According to where I read it, Ministry of Foreign Affairs of the Republic of Belarus said thee is high crypto crime rate in P2P crypto transactions while exchange bitcoin with each other.

https://cointelegraph.com/news/belarus-wants-to-ban-p2p-cryptocurrency-transactions

Quote

The authority cited a high cybercrime rate in Belarus, stating that local prosecutors have suppressed the activity of 27 citizens providing “illegal crypto exchange services” since January 2023. Their total illegal revenues amounted to nearly 22 million Belarusian rubles ($8.7 million).

So if Belarusian wants to sell bitcoin which is an asset to themselves, they have to go through a centralized exchange approved by Belarus Hi-Tech Park (HTP).

Is this not too hash?

There is nothing that can stop P2P trading. It can only be reduced.

There is nothing surprising in this news. This is exactly how the regulation of crypto spheres occurs when it is impossible to control cash flows. The only solution is when people are forced to go to a centralized exchange, where all information about them, transactions will be stored, and of course, taxes will be paid for any activity with crypto currencies.

The so-called 27 citizens providing “illegal crypto exchange services” are nothing but exchangers. After punishing them, scaring the rest of the exchangers, squeezing them out of the market and freeing up space, the next step is to open a government-controlled exchanger. This is the standard scenario.

Perhaps for some time some exchangers will operate in the shadows, like a black market, but the activity will be complicated, fraught with huge risks, and as a result, there will be nothing left but the only centralized exchanger in the country.

You didn't think the holiday would last forever, right.