Now everyone is hearing about the cryptographic currency Bitcoin. Every day it sets new records in value, and the National Bank of Belarus is actively monitoring the situation around it and studying the experience of world financial institutions.

And besides high-ranking people in Belarus, ordinary citizens are also actively interested in cryptocurrency. And some are already actively engaged in earning coins or investing in Bitcoin. Others are interested in the question of how to buy and sell Bitcoins in Belarus. We will try to answer all these questions.

You can get bitcoins by , and . The funds received can be spent in stores, cafes, or converted into regular money.

In Belarusian legislation, cryptographic money is not yet regulated in any way - there is no very concept of “cryptocurrency” in the country’s legislation. Although this may soon change, because a similar bill, called “On the High-Tech Park,” has already been prepared and is awaiting approval from the president. According to this project, cryptocurrencies and tokens, the activities of crypto exchanges, miners and ICO organizations will be introduced into the legal field in order to attract investments. Therefore, we can expect that the system of exchanging cryptocurrency for real money will be fully operational in Belarus, in particular, state cryptocurrency exchangers will be opened.

Well, until the bill is signed, Belarusians work with bitcoins at their own peril and risk. Because the legal consequences for the use of cryptocurrency does not arise until a person decides to withdraw them to fiat. After all, exchanging bitcoins for Belorussian rubles- this is already a sign banking transaction, which means you need to have a banking license.

In general, if you familiarize yourself with the risks and take them into account, then you can work with cryptocurrency even in unclear legal regulation. And when Lukashenko signs the prepared bill, it will be possible to work with bitcoins legally, although then other nuances may arise that will also have to be taken into account.

Exchange methods

If you have a need to buy or sell bitcoins in Belarus, then there are three ways to do this:

1. Special exchanges.
2. Online exchangers.
3. Forums and blogs.

Each of the presented methods has its own unique features, so it is worth considering them separately.

Exchanges

Bitcoin exchanges are trading platform, where the sale and purchase of bitcoins takes place, as well as their earnings. Some exchanges allow you to deposit and withdraw fiat money through bank cards and EPS, while others only through payment systems such as WebMoney, Payeer, etc. Since in Belarus there are problems when working with payment systems, before working with the exchange, you need to find out whether it will be easy to deposit and withdraw money from it.

There are quite a lot of exchanges, but they mainly work with the dollar and the Russian ruble. In addition, the Internet is full of scammers, so you should only work with well-known and reliable services. Below is a list of exchanges that have been operating for a long time and have earned a good reputation:

Virtual exchangers

To purchase or sell cryptocurrency, you can use bitcoin exchangers for Belarusian rubles. Such resources are capable of quickly transferring funds from one currency to another. If the exchanger operates in automatic or semi-automatic mode, the exchange will occur very quickly. Also, each project has a certain reserve and its own commission percentage. You should pay attention to this when choosing a site where you are going to exchange bitcoins for rubles and vice versa.

In addition, on the Internet there is a large number of fraudulent exchangers. Therefore, you need to read other people's reviews about this site before you start exchanging. To select a reliable exchange office, it is better to use the Bestchange monitoring resource.

One of the good exchangers that allows you to transfer BYN to bitcoins and back in Belarus is WMBLR.

From hand

You can buy coins directly; to do this, you should look for a person who wants to cash out bitcoins in Belarus, agree with him on the rate and method of transferring funds. You transfer fiat money, they send you the equivalent in bitcoins. The method is very risky, since there is a risk of not receiving coins if you fall for a scammer. Therefore, it is necessary to check the reputation of the seller very carefully.

Working with an intermediary increases the chances of a successful exchange, but he will take a commission for his services. There are people in Belarus who earn a lot of money from exchanges. However, there are very few people in the country who have put the btc exchange on the conveyor belt.

Where in Belarus do they accept bitcoins for payment?

Belarusians working with cryptocurrency mainly invest in Bitcoin - a way to save for the future. According to residents of the Republic of Belarus, paying for purchases and services with bitcoins today is not very convenient, although there are more and more places where BTC is accepted for payment.

The first in this regard was the TYREPLUS network of tire service centers. A little later, they were joined by the Apple cafeConnect hardware store. Both firms accept payments through the CopPay cryptocurrency “terminal”. True, the payment scheme is a little tricky: formally, the buyer pays 1% of the cost of the goods in Belarusian rubles, and receives a 99% discount, which is tied to payment in bitcoins or “ether.”

More recently, the metropolitan gastrobar Vinum joined the pioneers, where payment is made using a special QR code.

According to the CoinMap map, Bitcoin is accepted for payment in Minsk in:

1. automotive electronics store;
2. online store of electronic cigarettes;
3. mobile phone accessories store;
4. office for renting apartments for the day.

Bitcoin is accepted for payment not only in the capital, but also in the regions:

• In Brest in the Altair hookah bar.
• In Molodechno in the Mezzanine cafe.
• In Baranovichi in an online store selling blinds.
• There are three places in Grodno: construction company, a home improvement store and a fishing store.

However, judging by the statements of the owners of the establishments, there were never anyone among the visitors who would pay with bitcoins. And only in the Altair hookah bar, unlike all the above-mentioned places, was there a case when a client paid with cryptocurrency.

The exact one can be found on any specialized website. It will remain unchanged throughout the day after the official announcement. The situation is completely different with the Bitcoin to dollar exchange rate today. It is not installed Central bank Russia (as in the case of the ruble to dollar exchange rate), nor any other organization.

The Bitcoin to dollar exchange rate is determined by supply and demand. Therefore, it is impossible to say the exact price of military-technical cooperation for today, but only the weighted average value. The higher the demand, the higher the rate soars. All changes per day are updated promptly, online.

Bitcoin to dollar exchange rate chart online

Due to the instability of the BTC exchange rate to the dollar during the day, we decided to draw up a graph of fluctuations in the value of BTC. It generates a minute-by-minute report on the Bitcoin/Dollar ratio and allows you to monitor the exact numbers, not just the average. When you hover your cursor over the chart, information about the Bitcoin rate at any time of the day will appear. The table above the graph indicates other important parameters that may change during the day:

• cryptocurrency volume;
• turnover electronic currency;
• change per day;
• name of the exchange on which the last transaction was made, etc.

However, short-term changes in the BTC/USD exchange rate are a constant phenomenon. To predict possible significant changes in the exchange rate in 2020, it is not enough to know how much Bitcoin costs today. We advise you to review the quote data for previous periods. They are contained in charts for the week, month, quarter and year.

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There are several ways to buy bitcoins in Belarus: using cryptocurrency exchanges, online exchangers or individuals. All options are worth considering, but some may seem complicated and risky. Next, we will tell you in detail how to purchase bitcoins in Belarus profitably and without losing money.

on cryptocurrency exchanges

To buy cryptocurrency at an objective rate, it is better to turn to specialized exchanges. There, buying and selling of various cryptocurrencies takes place. Some people buy it in reserve, some buy it for making payments on the Internet, and most of the users even engage in speculative transactions.

If you buy bitcoins at one rate and sell them at another, you can make good money on the difference. That is why the exchange has cryptocurrency growth charts. The values ​​on them change in real time. There are also quotes - the ratio of different currencies to each other, including the Belarusian ruble to Bitcoin. All this information allows you to understand when it is better to buy or sell cryptocurrency.

Purchasing bitcoins in Belarus on the EXMO international exchange and registering on it

As for the choice of exchanges, it is better to give preference to international ones. These, for example, include the online platform EXMO. This is one of the largest exchanges where bitcoins can be bought for Belarusian rubles. They are immediately sold and exchanged for other currencies. There are many directions for buying and selling, but each of them always includes a certain currency and Bitcoin. You can now buy or sell other types of cryptocurrencies on EXMO.

Before you buy bitcoins in Belarus on the exchange, you need to familiarize yourself with some concepts:

• Quotation. For example, on the site at the top you can see the following proportion: BTC/RUB. If it is 280,000, then this means that 1 bitcoin is sold for 280 thousand rubles. There is no such currency as Belarusian rubles on the site yet, so first you need to exchange them for Russian currency, euros, dollars in order to purchase cryptocurrency with them.
• Stock chart. When you click on any quote, it displays a graph of changes in the Bitcoin rate for a year, a month or during the day. To change the time parameters, just click on the corresponding button.

Next, you should register on an international cryptocurrency exchange. A wallet is attached to the new account, which works within the platform and nothing more. It consists of several accounts at once: from ruble to dollar or with cryptocurrency. Of course, after registration, all of them will show “0”. Any account, including those with bitcoins, can be topped up. To do this, there is a “Deposit” button, and for withdrawal you should use the “Withdraw” option.

Step-by-step instructions for purchasing bitcoins in Belarus on the EXMO exchange

Using a cryptocurrency exchange, you can very easily buy bitcoins in Belarus. To do this, you need to follow the step-by-step instructions on EXMO:

1. Registration.
2. Replenishing the system wallet with a specific currency: dollars, rubles, euros, etc. The choice of currency depends on the user's decision.
3. You can top up your exchange wallet different ways: via Yandex.Money, bank transfer, QIWI, WebMoney, Payeer, etc. If initially you only have Belarusian rubles on hand, then you need to exchange them at the bank, the WebMoney payment system, Yandex.Money or another service. They are exchanged for the currency that will be introduced on the EXMO cryptocurrency exchange. After this, the money is transferred to a wallet on the exchange itself.
4. If, for example, a ruble wallet is replenished, then bitcoins in Belarus will be purchased with Russian rubles. Therefore, you need to pay attention to the value of only this quote: BTC/RUB. The graph also shows the change in the Bitcoin exchange rate against the ruble.

• Exchange. This section is for those who simply want to buy bitcoins in Belarus and not participate in speculative transactions or trades.
• Bargaining. This section is suitable for those who make money by constantly buying and selling cryptocurrency.

For a regular purchase of bitcoins in Belarus, it is better to go to the “Exchange” page. Followed by:

1. Indicate the direction of exchange, that is, select the currencies that need to be exchanged. We choose to exchange rubles for bitcoins. To do this, use drop-down lists and select the desired currency from the list.
2. We indicate the exact amount of rubles for sale.
3. The number of bitcoins that can be purchased for this amount of rubles will be displayed below.
4. Confirms the transaction with one button.
5. We go to the wallet and see that there is a certain amount of bitcoins in the account.

To withdraw cryptocurrency, you should select the “Withdraw” option. Bitcoins can be withdrawn in different ways, including to a blockchain or any other crypto wallet. If previously no one knew how to buy bitcoins in Belarus, now it is enough to register on the exchange and perform exchange operations. Don’t worry that there are no Belarusian rubles in the exchange directions. It is enough to change them to another currency before replenishing your EXMO wallet or another exchange.

in online exchangers

No one has canceled the good old exchangers. And they joined the general global trend, so they offer an exchange different currencies to bitcoins and vice versa. On these online platforms there is no such thing as “trading”, “graphics”, “traders”. Here you just need to select the direction of exchange and confirm the transaction.

The rate is usually set for the whole day and does not change in real time. It can be adjusted during the day, but only slightly. The sites are more reminiscent of the ones everyone is familiar with exchange offices, but only online. There are no exchangers yet that can be used to immediately exchange Belarusian rubles for bitcoins. Therefore, it is necessary to carry out two exchange operations at once, which are described in detail below.

First, you should register on the online exchanger’s website and attach your payment information to your account. For example, you must indicate the wallet, card number or other details where the money will be withdrawn. Often you need to go through a verification procedure - confirming your account. It is mandatory.

To buy bitcoins in Belarus, you need to perform two operations at once:

1. Exchange Belarusian rubles for another currency that is accepted by the exchanger for conversion to bitcoins. These include Russian rubles, dollars, euros. Conversion can be carried out with a commission on the exchanger itself or in another system. For example, if you plan to use Yandex.Money or WebMoney, then within these platforms you can start exchanging Belarusian rubles for another currency. Then this money will be used on the online exchanger itself to purchase cryptocurrency.
2. Next, on the exchanger’s website, select the direction you need: exchange your existing currency for bitcoins. Now on such sites you can choose electronic money, cash, funds on bank cards, and then buy bitcoins for them. There are a lot of exchange directions, their number exceeds several dozen.
3. We select the direction of exchange and indicate the amount that we “give” in order to purchase bitcoins in Belarus. The site system itself will automatically calculate how much cryptocurrency the user will receive for this money. Often the service commission is immediately deducted from it.
4. We confirm the operation.
5. We check our blockchain or other wallet where the online exchanger should have transferred the bitcoins. They can be there instantly or within an hour.

If any difficulties arise, then the site has Personal Area and possibly a ticket system. You can also go to the transaction history and see the status of your application. If it is completed, then the bitcoins should already be in the wallet.

Online exchange services are convenient because you do not need to wait for bitcoin withdrawals - they are transferred instantly. In addition, there are a lot of outgoing directions of exchange. But still, bitcoins can only be purchased with certain types of currencies.

from private individuals

Bitcoins are a decentralized currency, or rather, an entire blockchain technology. They are called coins, but in reality they do not exist. Cryptocurrency remains only digital, and therefore it is physically impossible to buy it “from hand”. But in Belarus, many individuals sell bitcoins for Belarusian rubles or other currencies. Transactions are not made face to face, but on the Internet.

There are separate sites - platforms where users register and buy or sell bitcoins in Belarus. Of course, you can also buy them from a person from another country, since it is impossible to check his place of residence. But this does not change the essence: the sale is carried out by a private individual, and not by an exchange, exchanger or other service. The benefits here are obvious:

• Minimum commission.
• You can chat and agree on a favorable rate.
• It is possible to directly exchange Belarusian rubles for bitcoins.

But there are still some disadvantages:

• Among private individuals there are also scammers who do not always honestly fulfill their obligations. Some exchange sites provide guarantees, but charge an additional fee for this.
• If you need to exchange Belarusian rubles for bitcoins, then a private person can charge high percent. This type of sale is considered rare, and many businessmen take advantage of it.

Since bitcoins are not officially sold in Belarus, it is not so easy to purchase them. It is best to use a special cryptocurrency exchange or online exchanger. If these options seem unsuitable, then you should turn to the services of private individuals. It is important to assess all the risks so as not to lose your money when purchasing bitcoins.

Bitcoins in Belarus have become a legal currency since December 22, 2017, when President A. G. Lukashenko approved a decree creating optimal conditions for the development of the blockchain network and cryptocurrency in particular. The state takes on the functions of a regulator in this area, including the issue of mining and circulation of virtual money. What are the subtleties of the innovation? How to buy Bitcoin in Belarus? What can you spend virtual money on? We will discuss these and other questions in the article.

Legalization of Bitcoin in Belarus - subtleties

Signing of the decree “On the development digital economy"became a truly historical event. The legalization of cryptocurrency makes Belarus the first state to open great opportunities for the application of blockchain technology.

Essence and goals

The innovation implies the absence of prohibitions on the purchase, sale or exchange of virtual money. In addition, the operation of cryptocurrency exchange platforms, and Bitcoin mining is not a business activity. This means that the income received does not need to be declared. The government allows cryptocurrency mining until 2023, after which it plans to introduce taxation on this type of profit. In addition, according to the new decree, virtual coins can be used as an object for inheritance.

The purpose of the innovation is to attract new investments to the country and make the Belarusian market interesting for IT companies. It is planned that such structures will eventually fill the country and will create new products of interest to the whole world.

Another goal is to develop the economy through the introduction of new digital tools. The President of the Republic of Belarus is confident that the legalization of virtual currency makes Belarus attractive to large investors, and over time the country can become a regional center of competence in the field of blockchain and related technologies.

Thanks to innovations, the Hi-Tech Park received the following opportunities:

1. Providing services for the extraction and placement of virtual money, including promotion and solving related problems.
2. Operation of virtual money exchange services and cryptocurrency exchange platforms.
3. Other work related to the use of coins. This includes areas related to exchange activities, investing, and conducting operations to create and place newly created virtual coins.
4. Preparing teams for eSports tournaments. This includes work related to the preparation of participants, solving organizational issues, as well as broadcasting competitions.
5. Development of neural and other technologies in special departments.

The new decree attracted the attention of the world community to Belarus, which in the future is capable of becoming a leader in the field of virtual money. Residents of the country began to wonder where to buy Bitcoins in Belarus, interest in mining appeared, and the network of retail outlets accepting cryptocurrency for payment was expanding. In addition, many companies involved in the extraction of virtual coins are thinking about moving to the Republic of Belarus. An additional advantage for miners is that electricity prices are affordable here (especially when compared with tariffs in the EU and the United States). Moreover, in the future it is planned to reduce the cost of electricity after the launch of another nuclear power plant unit in 2019, which will make the mining of virtual coins even more profitable.

Consequences of innovation

Experts are confident that the official legalization of virtual money in the Republic of Belarus will lead to a number of consequences for neighboring countries. In particular, bills to regulate the cryptocurrency market in the Russian Federation are planned to be temporarily “frozen.” Parliamentarians in Russia will try to study the experience of the neighboring country, and only after that make decisions regarding the future of virtual currencies. At the same time, the Russian government considers not only the experience of the Republic of Belarus, but also the practice of other countries. Attention is paid to the Japanese and Swiss cryptocurrency markets.

How to buy Bitcoins in Belarus - options

The legalization of virtual money has made cryptocurrency accessible to everyone. There are many ways to acquire Bitcoin for further sale, purchase of goods (services) or long-term investment. Below we will look at the main ways to buy Bitcoins in Belarus.

Exchange

A popular way to buy cryptocurrency, which is also available in the Republic of Belarus, is to use services (for example, Yobit or EXMO). Such services allow you not only to exchange virtual money, but also to make money on the difference in rates (if you have special knowledge). For clarity, graphs with the exchange rate price of virtual currencies are offered, which provides information about the cost of money online and helps make purchasing decisions.

When choosing an exchange platform, you should give preference to international services, for example, which was mentioned above. This is an accessible and reliable exchange where you can quickly and safely purchase Bitcoins. Before exchanging, you should do the following:

1. Understand the features of the service. For beginners, the most important concept is quotation. In our case, we are interested in the Bitcoin (BTC)/Russian ruble (RUB) pair. There is no direct purchase for Belarusian currency yet, so the money entered into the account must be converted into one of the available monetary units, and then buy Bitcoin. Another tool is a price movement chart, where you can see the change Bitcoin rate for various time periods.
2. Complete registration. To get started, you need to register and then log in to the EXMO cryptocurrency exchange. Immediately after logging in, a wallet is created that can be used inside the site.

Next, to buy Bitcoin in Belarus using the EXMO exchange, you need to take the following steps:

1. We deposit money into the site account in dollars, rubles, euros or other currencies. This can be done in different ways, including through WebMoney or Yandex.Money. If you only have Belarusian rubles on hand, you will have to first convert them, and then put them on the exchange.
2. Select the direction for exchange (for example, BTC/RUB). This means that Bitcoins will be purchased for Russian rubles.
3. Go to the “Exchange” section (for novice users). The “Trading” section is more suitable for participants who make money on the difference in rates of virtual currencies and understand this issue.
4. We decide on the direction of exchange, and then indicate the number of rubles for exchange. The system automatically displays how many Bitcoins will be purchased for this amount.
5. We confirm the operation.
6. We go to the wallet and make sure that Bitcoin has appeared on the account. All that remains is to withdraw your cryptocurrencies to your Bitcoin wallet.

This method of buying BTC in Belarus is good because you can exchange best rate and without risk to your wallet. On the other hand, it is worth remembering the system commission. In addition, beginners will have to understand the intricacies of the service to conduct an exchange (especially if they carry out the conversion through the “Trading” section).

Exchange offices

If you are interested in the question of how to easily and quickly buy Bitcoin through an EPS wallet or other methods, you should pay attention to exchangers. In the CIS countries there are many services with the possibility of conversion, which can also be used by residents of Belarus. There are no complicated terms here, and the exchange process takes no more than 2–3 minutes. The exchange rate changes throughout the day, but within insignificant limits. Despite the legalization of Bitcoin in Belarus, there are still no exchangers with the ability to exchange Belarusian rubles for Bitcoins. The operation can only be carried out through preliminary currency conversion.

To buy Bitcoin in the Republic of Belarus through an exchanger, you need to do the following:

Another option is direct cooperation with other individuals who are ready to sell cryptocurrency. Using this method, you can buy Bitcoin in Belarus using a card, cash or EPS. The search for a transaction partner is done through special forums or websites (for example, Localbitcoins.com). The last option is more preferable, because you can find a seller from Belarus and check his reputation.

The purpose of the Localbitcoins.com service is to perform intermediary functions. It does not guarantee the success of the operation, but it offers an internal protection mechanism that allows you to carry out a transaction with less risk (the name of the escrow system). The method of transferring money depends on the agreement between the parties. For example, a buyer can transfer Belarusian rubles to the seller’s card, after which Bitcoins are credited to the cryptocurrency wallet.

Thanks to a direct agreement, you can avoid commission payments and negotiate convenient way transfer of money. In addition, unlike other options, here it is possible to directly exchange Belarusian currency for Bitcoin. back side“medals” - the risk of running into a fraudster who will receive the agreed amount but will not transfer the money, as well as an unfavorable exchange rate for direct conversion. To reduce risks, it is important to work only with trusted private traders who have a high rating and a positive reputation.

Purchase via WebMoney

The WebMoney system has been operating in the territory of the Republic of Belarus for a long time and has an internal cryptocurrency Bitcoin (WMX). Essentially, this is the equivalent of 0.001 BTC. The guarantor of WebMoney in Belarus is Technobank, therefore the activities payment system quite legal.

To buy for Belarusian rubles, you need to take the following steps:

1. Register in the WebMoney system.
2. Create an electronic wallet in national currency(WMB).
3. We top up the account with Belarusian rubles.
4. Change WMB to WMX.
5. We exchange the received funds for Bitcoins through a Bitcoin wallet.

The good thing about this method is that it is safe for Belarusians and allows for direct conversion. The only difficulty is that to carry out the operation you will have to carry out many actions, which takes some time.

Buying futures

In December 2017, another way to buy Bitcoin was added - through (CME and CBOE). This option is more suitable for investors who do not need cryptocurrency itself, but consider it as a tool for savings. You cannot directly buy futures on the mentioned exchanges - there are brokerage companies who act as intermediaries. If you want to purchase a contract for Bitcoin, you need to select a broker, register, deposit money into your account, and then make purchases and sell futures, making money on the difference in rates. To make a profit in this way, you need to know the principle of operation of exchange platforms and the essence of futures contracts.

Intermediary services

After the legalization of Bitcoin in Belarus, special services appeared (for example, bitok.by), offering services for buying/selling Bitcoin in different ways - through a bank card or WebMoney, as well as using cash. The client selects the appropriate option, then submits an application and agrees on the time of the transaction. In fact, this is one of the options for direct exchange with the difference that the counterparty is a service specially created for this purpose. The benefits and risks are similar here.

What can you buy with Bitcoins in Belarus?

After the legalization of cryptocurrency virtual market The Republic of Belarus has come to life and the number of points accepting Bitcoin has increased. To get accurate information about points where cryptocurrency is accepted, you can use the coinmap.org service. Let's highlight some options that the system offers:

1. Flower shop in Minsk- stability.by. The website says that payment is made using cash, by card and using any electronic money(including Bitcoin).
2. geoteplo.by- Nova Gros company, specializing in engineering systems buildings.
3. fasttech.com- an online store of household appliances and other goods, which has a representative office in Belarus.
4. lorenzo.by- online store of kitchen sets.

Knowing where and what can be bought for Bitcoins in Belarus, residents of the country receive additional features. After the legalization of Bitcoin, many outlets and companies are thinking about accepting virtual money as a means of payment. At this stage, the coverage is small, but if the given rate is maintained, in 2-3 years the number of points accepting cryptocurrency in the Republic of Belarus will number in the hundreds.

The rate of the most popular cryptocurrency Bitcoin reaches $20,000. In total, in 2017 it grew 25 times - at the beginning of January, one bitcoin cost about $800. Anton Yarosh, REVERA lawyer, explained how residents of Belarus can buy cryptocurrencies, and also explained the difficulties and risks of each method.

The photo is for illustrative purposes only. Photo: Olga Shukaylo, TUT.BY

Why can't you just buy or sell Bitcoin or Ether? What's the difficulty?

— There are two autonomous worlds, each of which lives by its own laws: the crypto world and the world of fiat (real) money. As long as they do not contact each other, there are likely to be no problems. You can make payments in cryptocurrency, store and accumulate it in wallets, and invest it anywhere. Although the cryptosphere is not fully regulated, as long as transactions take place only within it, this is not in direct conflict with the rules of law in most jurisdictions, says Anton Yarosh. — The fiat world has its own rules - you must explain to the bank or tax office where you received the cryptocurrency, where and why you are transferring it. And the main difficulties begin at the moment of the “junction” of these two worlds.

To solve the problem, states are extending the rules of the fiat world to the crypto world. For example, crypto exchanges are required to comply with KYC (Know Your Customer) and AML (Anti Money Laundering) procedures. Before the crypto boom, these procedures were applied on a large scale to transactions with real money: before providing a service, large banks and payment systems require identification from clients (they ask for passports, questionnaires, constituent documents and sometimes even tax returns). At the same time, there is a technical difficulty - the crypto world is simply not suitable for such checks.

So far, the issue is being resolved differently in different jurisdictions: some exchanges receive licenses for payment systems from the fiat sector, while in others the regulator legalizes crypto-exchange activities. There are various projects - wallets or programs that are trying to close this “junction” - for example, the Belarusian ICO project CopPay plans to install cryptocurrency payment terminals around the world. On December 17, the European Parliament decided to ban all anonymous transactions; within 18 months, this decision must be translated into law in EU member states.

Main risks when buying cryptocurrency

Since crypto activities are largely not regulated by law, there are two main groups of risks: legal and economic. The former are associated with fraud and the likelihood of being involved in money laundering. The second is due to the fact that cryptocurrencies are highly susceptible to price fluctuations.

- It’s clear that world practice and regulations regarding cryptocurrencies are constantly changing, no established practice has yet developed in Belarus and perhaps tomorrow it will be different, but for now it is so, says the specialist.

How can you buy cryptocurrency

There are four main methods that may be suitable for Belarusian residents.

1. Through a crypto exchange (for example, Yobit);
2. Buying cryptocurrency “from hand”;
3. Through electronic money permitted in Belarus;
4. Buying futures on cryptocurrencies.

All of them also work for the reverse operation - selling cryptocurrency.

Purchasing through a crypto exchange (using the example of Yobit)

One of the most common and simple ways for those who want to purchase cryptocurrency through a bank card. To do this you need to follow several steps:

1. Create an account in a payment service (for example, Payeer). Be prepared that you will be asked for documents for identification: a photo of your driver’s license, bank card, receipt for payment of housing and communal services, etc. After you attach everything necessary documents, the account is verified within 24 hours.
2. Top up your account by bank card.

3. Create an account on a crypto exchange (Yobit was chosen for example) and link an account in the payment service to it. Money from the payment service is automatically transferred to the crypto exchange.

4. Buy cryptocurrency. We bought Ethereum because it was cheaper - in July, 1 ETH could be bought for $200 (now 1 ETH costs more than $700).

Legal risks

— There are no direct risks in this case. At the second step (when you top up Payeer with a bank card), you purchase electronic money, and here someone may see a risk: according to the law, “foreign” electronic money can circulate on the territory of Belarus only if it is “guaranteed” Belarusian bank. It is not a fact that electronic money on Payeer will be guaranteed. But even if so, there is no liability for individuals for using foreign electronic money, notes Anton Yarosh. — Regarding the legislation on currency regulation, it does not follow from formal legislation that in order to carry out the operations described above for the acquisition of cryptocurrencies for individuals permission from the National Bank is required to conduct them.

Buying cryptocurrency directly

With this method, the buyer meets the seller live or on a special platform, for example, https://localbitcoins.com/. Here the buyer selects a seller based on rating, territorial principle (in his country, city) and agrees on the price and method of payment. Although this service does not guarantee anything, it does offer its own anti-fraud mechanism - escrow. This is an intermediary service that temporarily stores cryptocurrency until the transaction is completed.

Legal risks — As for live meetings, it’s largely a “pig in a poke.” Firstly, the seller may turn out to be a fraudster: recently there was media coverage of one such meeting in the center of Brest, where the seller received money and ran away without completing the transaction; a similar story happened in Russia - there the buyer lost 20 million Russian rubles, notes Anton Yarosh. — The cryptocurrency rate for such a purchase will almost certainly be higher than the market one. Among other things, this method also has legal risks. It is difficult to predict and almost impossible to verify how legally a counterparty is trading bitcoins. According to the specialist, in the cryptocurrency exchange activities one can see signs of currency exchange operations, which is the exclusive prerogative of companies with banking licenses. “Without such a license—and it is quite difficult to obtain—a cryptocurrency seller is recognized as an illegal entrepreneur. The punishment for such an offense is the confiscation of income in favor of the state, says Anton Yarosh. — These risks concern cryptocurrency sellers specifically. They touch buyers rather tangentially - if the state has questions for the sellers, then questions will probably arise for the buyer as a person involved.

Purchasing cryptocurrency through electronic money allowed in Belarus

Webmoney has been working with Bitcoin for quite a long time (for now only with it) through its own internal currency WMX (this is the equivalent of bitcoins, 1 WMX = 0.001BTC). According to Belarusian legislation, electronic money must be guaranteed by a Belarusian bank, and for Webmoney currency this bank is Technobank.

Accordingly, to buy cryptocurrency, you need:

— register in Webmoney system in Belarus;

- open online wallet in Belarusian rubles;

— buy WMB — this is the equivalent of Belarusian rubles;

— change WMB to WMX (equivalent to bitcoins);

— convert them into bitcoins on a bitcoin wallet.

There is quite a lot in this method intermediary operations. Therefore, it cannot be called the most convenient and obvious, but without a doubt, it is the safest for Belarus. It is interesting that Webmoney secures the legal status of cryptocurrencies - the system stores bitcoins as property rights in connection with your WMX electronic money. This is stated in the WebMoney public agreement as follows:

INDX Transactions Ltd., hereinafter referred to as the “Custodian”, on the one hand, and any person who has accepted (accepted) this agreement, hereinafter referred to as the “Owner”, on the other hand, collectively referred to as the “Parties”, have entered into this agreement for the storage of property rights to publication of records in the global public database of the bitcoin.org network.

“Although the term “property rights,” in our opinion, does not fully reflect the legal nature of cryptocurrencies, it additionally guarantees the owner’s right to claim real property (for example, fiat, that is, “real” money) in the event of an exchange,” the expert notes .

Buying Bitcoin futures

This method of buying bitcoins is only a week old - the Chicago Options Exchange launched it on the night of December 11, and on the night of December 18, the Chicago Options Exchange began trading futures commodity exchange. This method is not the most convenient or widespread, it is not really about buying bitcoins and is not very applicable to Belarusian realities. But it does a good job of showing what trend is currently emerging in the relationship between investment banks, exchanges, and the crypto community: Bitcoin (again, only for now) is beginning to be publicly recognized by institutions in the US financial sector.

Classic futures contracts Typically used when trading timber, gold and other commodities. Having concluded it, the buyer undertakes to buy and the seller to sell the goods within a certain time for the amount specified in the contract. For example, buy 5 tons of wood for ***** $ on December 31, 2018. It is clear that during this time wood can either rise or fall in price - and here the futures contract will play into the hands of one of the parties.

Considering how much the Bitcoin rate has grown in 2017, one can imagine how a buyer of such a contract would have won if he had concluded it at the beginning of the year.

Bitcoin futures can be concluded on the exchange through brokers. This method indicates the interest of large traditional financial institutions in Bitcoin. Since they are much more concerned about compliance with the law and deal in larger amounts, Bitcoin futures contracts on traditional exchanges practically make Bitcoin "legal" in legal and financial terms. This is a big step towards global exchanges starting to trade Bitcoin and other cryptocurrencies like any other asset, along with agricultural products, energy, etc.

See the rates of popular cryptocurrencies to the Belarusian ruble in