When cryptocurrency was invented, it led to the development of illegal actions that people could do to obtain cryptocurrency assets or use them for illegal purposes. One of the reasons most countries have not adopted cryptocurrency as a legal tender for transactions is that most governments do not know or are researching the best practices to be implemented to control and ensure the legal use of cryptocurrency. Although currently, the percentage of cryptocurrency used for illegal activities is lower than fiat currency, this might be because many people do not know where to report illegal activities carried out through cryptocurrency, and there are no policies in place to help solve such cases.
Hacking is the most frequent crime in crypto. Many people have lost a lot of money through hacking as hackers get to their accounts and steal all their savings. Others have lost money as hackers’ target transactions, and the money ends up in their wallets rather than the intended account. This has happened severally and there are records of billions of dollars’ worth in cryptocurrency tokens being stolen from various platforms and users.
People can rest easy from now on as Belarus has developed a way to seize digital assets acquired through illegal activities. Due to a presidential decree in Belarus, the government has been researching and trying to figure out how to control and ensure that the crime rate in the country through and against cryptocurrency is low. As a result, the government has been able to develop a way to seize digital assets linked to illegal activities. This might not be big news to some, but this is great news for every cryptocurrency user and enthusiast. This means that they can feel safe using cryptocurrency for any practices and are assured their wealth is safe from any criminal activities.
This is huge news to the rest of the world. This development will be the turning point for the cryptocurrency adoption rate in Belarus and the rest of the world. Truth be told, although it might be hard for people to steal and use cryptocurrency, as witnessed by the hackers who stole hundreds of millions worth of cryptocurrency in 2016 only to be arrested immediately they accessed the money, it is easy to rob and hack small users and steal from them. People involved in crime could also use cryptocurrency as a means of payment for their illegal merchandise since the currency is decentralized. The development of this technology will revolutionize cryptocurrency policing and help ensure money is safe in the future. President Alexander Lukashenka and his government might have done the world a favor by introducing this technology. They should teach and help other countries to adopt the same technology and help make cryptocurrency a safe way to transact and invest without fear. Over 50 countries from all over the world have ordered their Central Banks to identify what should be done before they introduce and legalize cryptocurrency. Belarus could be the benchmark and solve this issue for many people.
