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Belarus President Orders Clear Rules for Cryptocurrency Regulation

Belarus President Orders Clear Rules for Cryptocurrency Regulation

President Lukashenko pushes for increased cryptocurrency adoption in Belarus’ banking system to navigate economic challenges exacerbated by international sanctions.

Fact Check
Multiple sources directly corroborate the statement. Evidence from CoinTelegraph, Freeman Law, and Forklog explicitly mentions presidential decrees (like Decree No. 8) signed by the Belarusian President to create a legal framework and rules for cryptocurrency activity. The President's personal push for these regulations is also highlighted in several reports.
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Summary

Belarusian President Alexander Lukashenko has called on the country’s banks to increase the use of cryptocurrencies in financial operations to mitigate the impact of Western sanctions. The move comes as cryptocurrency-based transactions and external payments through Belarusian exchanges have surged, with external payments potentially reaching $3 billion by the end of 2024. Lukashenko emphasizes the benefits of tokenization and smart contracts for reducing intermediaries and enhancing asset control. This call aligns with broader trends in Moscow-aligned countries seeking to circumvent sanctions through digital assets.

Terms & Concepts
  • Tokenization: The process of converting rights to an asset into a digital token on a blockchain, enabling easier transfer, automation, and enhanced control.
  • Smart Contracts: Self-executing agreements coded on a blockchain that automatically carry out actions when predefined conditions are met.