Are cryptocurrencies allowed in Belarus?

Are cryptocurrencies allowed in Belarus?

At the moment, crypto-currencies, including bitcoin, are not regulated in Belarus. They are not considered to be money, services, the object of exclusive rights or any other object of civil rights.

Although there is no judicial practice regarding the use of crypto-currencies in Belarus, one can state with a high degree of certainty that crypto-currencies do not actually exist for the Belarusian state for the time being.

That is, transactions involving them will not be recognized as creating rights and obligations between their parties, and offenses with crypto-currencies (for example, their theft) cannot be punished.

Mining - decentralized emission of crypto-currency - is not regulated in any way in Belarus either.

It should be emphasized that the crypto currencies are not recognized in Belarus as legal instrument of payment. Legal and physical persons cannot make payments using crypto-currencies in Belarus.

If a price and payment in bitcoins are included in the contract, this provision of the contract can be recognized as invalid.

Technically, you can set price in Bitcoins and pay in Belarusian rubles. However, given the strong volatility of bitcoins (changes in value), there is a possibility that the of the contract will be declared uncertain.

For comparison, crypto-currencies are partially recognized in the EU and the USA. For example, as property or for tax purposes.

It should be noted that some states (Switzerland and the USA) in the foreseeable future plan to license activities related to the turnover and use of crypto-currencies. The European Union also plans to extend the anti-money laundering legislation.

Belarus' neighbor Ukraine is actively introducing the technology of blockchain, on which the work of the majority of crypto-currencies is based. Belarus also has the first state project using this blockchain: the State Center for Banking Technologies has developed a system that allows keeping distributed lists of the register of issued bank guarantees.

But not all state bodies in Belarus act in the same fashion.

The Operational and Analytical Center under the aegis of the Belarus President notes that the encryption underlying the blockchain technology is prohibited by the legislation of Belarus.

The lack of regulation of crypto-currency in Belarus does not prohibit Belarusian citizens from acquiring crypto-currencies and using it for settlements in other states. However, according to the position of the Ministry of Internal Affairs and the National Bank, Belarusians are still advised to refrain from using these payment instruments.