Tax Evasion: Belarus Regulatory Chief Concerned about the Role of Cryptocurrency

The regulatory body in Belarus are concerned about the role cryptocurrency is playing in tax evasion in the country. Local news outlet reported on June 4.

The Chief of the regulatory agency in Belarus, Aleksandr Konyuk expressed his concern at the International Prosecutors Association’s regional conference hosted in Belarus. The chief prosecutor stated that it is time for all the attendees to study the use of cryptocurrency, especially as it relates to Cybercrime.

Fighting Cybercrime

Belarus is one of the first countries in Europe to declare BTC and other altcoins illegal in the country. The country made the daunting declaration in 2017, placing a ban on all crypto related activists in the country.

At the event, which hosted regulatory officer from Russia, Georgia , Poland , Latvia and Kazakhstan, Konyuk stated that:

“The relevance of cybercrime is obvious. Multiple understanding have emerged and it is necessary to study the situation with bitcoin and cryptocurrency. These are things that are entering our lives. For example, cryptocurrency constitutes a serious risk of tax evasion.”

A Recurring Menace

The government of Belarus is not the only worried party, quite a lot of governments all over the world are skeptical about the role the digital currency plays in tax evasion. Anti- crypto crusaders have also stated severally that the virtual currency is a safe haven for financial criminals.

Most of the countries in Eastern Europe, including Russia, are still in limbo on how best to answer the crypto question. Although, the biggest bank in Belarus announced in January, that it is willing and ready to set-up a cryptocurrency exchange.

The pronouncement by the commercial bank did not however stop the central bank for going against the legalization of Bitcoin and other altcoins for use as a payment instrument.

Despite the unified stance against cryptocurrency in Eastern Europe, the digital currency continues to gain more momentum, especially from the citizens and other notable figures in the region, who have given the coin a vote of confidence.

Bitcoinexchangeguide reported in June that a Russian judge encouraged the country’s legal apparatus to include Digital Assets in the Russian Civil law.

The Judge, Lyudmila Novoselova stated at the Supreme Arbitration Court that the country should once and for all move along with the financial pace, as the financial landscape is gradually moving away from the traditional fiat money.

Cryptocurrency regulation in Russia is still a dicey situation, as the government is lost as to how it wants to deal with the currency. The judge stated that it is in the best interest of the nation if the lawmakers decide on how best it wants to handle cryptocurrency.

The Russian government is taking its time to study the digital currency, how it works and how best to address it. The lawmakers are essentially worried about the state of cybercrime, tax evasion, money laundering and several accusations that cryptocurrency is used to fund terrorist organizations.

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