Topic: Belarus wants to ban bitcoin P2P transactions - page 2. (Read 512 times)

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

The only crime of those people was that they were just servicing too many people, P2P transactions are fine but since governments want to know even the color of our underwear then they cannot allow for such a thing to continue.

But it does not matter if they allow it or not, this is going to continue as those that are looking to keep some sort of privacy in this world are not going to give up so easily, especially now that centralized exchanges follow the policies of governments incredibly closely and you cannot use one without identifying yourself.

That's right, there is nothing that can stop P2P trading. These peer-to-peer transactions are difficult to track or control. While governments consider this an illegal phenomenon that must be stopped, we see it as a great advantage that Bitcoin has given us.

In my country, for example, there are no legitimate exchanges to exchange bitcoins into fiat, so the only way available to us is P2P. The government does not want such transactions and pursues them, but they will never be able to stop them.

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

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.

to be honest, news of this kind coming from a country like Belarus does not surprise me because we all know or at least I suppose we all know that Belarus is a country controlled by Russia and we all know Russia's position in relation to cryptocurrencies, especially in this wartime I have heard news of people who were arrested in Russia for using bitcoin, they are being accused of sending bitcoin to Ukrainians who are fighting, and see that for these people to be arrested is because the Russian government is monitoring all its people

In July 2020, Vladimir Putin signed a regulation on digital financial asset (DFA) transactions that legalizes cryptocurrency transactions but prohibits their use as payments for goods and services. Russian banks and exchanges can be operators of DFAs if they register with the central bank known as the Bank of Russia. The Bank of Russia has the authority to maintain registration of information systems and register operators of DFAs and supervise” the business of information system operators.” To challenge cryptocurrency transactions in court, parties must have declared these transactions and their possession of cryptocurrency.

Starting January 1, 2021, cryptocurrency owners whose transactions amount exceeds 600,000 rubles ($7,757) in a calendar year will be required to report their crypto transactions and wallet balances to the Russian tax authorities. The law applies equally to individuals and organizations. Russian governmental officials will be required to declare if they have any cryptocurrencies. The reporting deadline for these individuals and entities will be on April 30, 2022. Additionally, crypto exchanges and miners will be required to provide information on their cryptocurrency transactions to Rosfinmonitoring, the Federal Financial Monitoring Service. The finance ministry stated that the regulation is necessary to prevent illegal cryptocurrency transactions, including money laundering. The law will take effect on January 1, 2021.

In a country where the population is less than 10 million it isn't a big thing to stop P2P and other services that are connected with bitcoin and other cryptocurrencies. Most of the time it is the people who make the government to take a stand against crypto. Here also it is the fraudulent activity of a particular person had made the government pass the new order which states no more P2P crypto trades.

In addition to knowing everything, they may also want to collect taxes. Isn't that what most governments wanted to do all along? They also know that P2P cannot be blocked. Let's say there are 100 people and they heard the news. If 90 out of 100 people do what they are told, it means both auditing and tax. The remaining 10 people can transfer as they wish. I think that's the point.

Yes, on the bright side, there is no ban on Bitcoin.

In person trade is not the only form of p2p transaction, any transaction that doesn't involve a third party or a middleman is a p2p transaction, if you trade on Bisq or if i send you BTC right now and you send me fiat or any other commodity that i request in exchange, that's a p2p transaction. There is nothing dangerous or risky about it, if you don't like it in the form of in person trade, then use the other forms.

We cannot deny that trading P2P certainly pose a risk for both party since meeting face to face may trigger a crime if the other party intend to swindle the other party.  In a huge transaction, this might result in a bloodbath.  This is also one reason why I prefer selling my BTC in an online exchange to avoid this kind of incident.

We cannot deny that trading P2P certainly pose a risk for both party since meeting face to face may trigger a crime if the other party intend to swindle the other party.  In a huge transaction, this might result in a bloodbath.  This is also one reason why I prefer selling my BTC in an online exchange to avoid this kind of incident.  

In terms of the government suggesting the use of centralized exchange and the plan to ban P2p may also have something to do with the taxation.  But whatever the motive behind the government of Belarus wanting to ban P2P can only be seen after the government had successfully passed a law of banning P2P transactions.

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


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.

I do not interpret this news as they are banning it, as you mentioned they are asking p2p providers to get verification from their centralized authorities which will decrease the scam rate and will increase the adoption of crypto. No doubt, many will go against this new law because governments will definitely do it to change taxes if they had not implied it before.

And many users must not like that. I think it is a good step instead of taking a step to ban it completely they are benefiting the crypto users and themselves too. Such actions are not made by every country like mine because our country had totally banned crypto while many influencers had given them the idea of imposing tax instead of banning it. Because people will still find a way to do crypto-related activities so why not just make it legal and also benefit from it too. Even now the IMF has also made statements in favor of Crypto and said countries will be left behind which will not use this technology.

Yeah the real answer is P2P is unstoppable no matter what the government will do.
Maybe Belarus wants the transaction transparency from the exchange by introducing some of KYC to its user.  the gov want every transaction happen on desired Centralized Exchange so they know everything.

Tho who are pro about P2P always find the way in my opinion.

the plus is at least the government don't ban Bitcoin