Press "Enter" to skip to content

Here’s How Belarus Pressures Russia to Legalize Cryptocurrencies

Relations between Belarus and Russia have always been quite complicated. The union the two close allies created has faced all kinds of challenges over its 20 plus years of existence. Now cryptocurrency is becoming a new apple of discord, as Minsk has taken a relatively friendly approach to regulating decentralized assets, while some in Moscow want them banned.

Arm-Twisting Between Close Allies

The two former Soviet republics decided to reintegrate just a few years after the dissolution of the USSR. The Commonwealth of Belarus and Russia was created in the spring of 1996 and the bond between them was strengthened further with the signing of the “Treaty on the Union Between Belarus and Russia” the following year.

Then the “Treaty on the Creation of the Union State of Russia and Belarus,” aimed at establishing a federative entity similar to the Soviet Union, was signed on Dec. 8, 1999. It was ratified by the two nations soon after and the Union was formally born in 2000. The members had to elect a common head of state, adopt a new constitution, flag, anthem, and passports, create joint armed forces and introduce a common currency.