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The Belarusian BYSOL Fund was created by the co-founders of the BY_help campaign, Belarusian diaspora, and business representatives to support anyone who lost their jobs because of their beliefs and opinions.
Belarus-based non-profit organization BYSOL has been showing financial solidarity to ease the pains of Belarusian protesters with Bitcoin (BTC). The Belarusian BYSOL organization named taking note of Belarus country code BY and SOLidarity supports citizens laid off work with Bitcoin (BTC) worth US$1,500.
It’s been about four weeks since the conclusion of the Belarusian presidential election, the controversial election that ushered in incumbent President Alexander Lukashenko. With the alleged determination to oust Lukashenko from office after 26 years as president and eventual winning of the election has been tagged as undue, a situation that has sparked outrage, leading to a month-long protest.
With the country’s polarized situation, the Lukashenko government has responded by ordering mass arrests, shutting down of internet facilities as well as other core social amenities within the control of the government. The coming of Belarusian BYSOL has been targeted to not only ease the woes of people legitimately protesting against the government’s brutality but also to lend its voice to the plight of the masses.
The Belarusian BYSOL Fund was created by the co-founders of the BY_help campaign (Andrej Stryzhak, Alexey Leonchik), Belarusian diaspora, and business representatives (Yaroslav Lickhachevskij, Mikita Mikado) to support anyone who lost their jobs because of their beliefs and opinions, to support anyone who wants to live in free and democratic Belarus. As Coindesk gathered, some of these founders have been the target of the Lukashenko-led government.
Belarusian BYSOL Fund Drafts Bitcoin to Operate
The beauty of the decentralized monetary system, devoid of government interference is finding its utmost use case in Belarus today. With a position to repress by any means anyone who stands against the government in any way, the Belarusian BYSOL has drafted bitcoin (BTC) in sending funds to the masses that meets its requirement.
As the media reported, the use of BTC by BYSOL became imperative as the digital currency is the only payment method that can’t be controlled by the authorities. The regime is strictly monitoring bank transfers and can freeze funds related to protest activities.
As a channel unfamiliar to most of the masses, BYSOL walks beneficiaries through the process of installing a mobile wallet and teaches them how to conduct transactions using the wallet. The good strides of the BYSOL organization have been flagged by the regime as the Belarusian Ministry of Interior has told the country’s banks to disclose information about all transactions related to Likhachevskij and other people helping BYSOL.
According to Likhachevskij, the BYSOL fund was registered in Europe to prevent been closed down by the government. With the increasing cost of sending funds across borders through the traditional fiat channels, the fund has relied on reaching the people through BTC.
Despite the fund’s origins based in Europe, Likhachevskiy said that the authorities are still monitoring cash inflows from abroad and imply that the private nature of bitcoin has been able to shield the fund’s operations.
The Belarusian BYSOL funds have a partnership with the Ukrainian Startup Trustee Wallet. The funds have raised about $2 million from donors.