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- Belarusian President Alexander Lukashenko has urged the government to mine cryptocurrencies
- Alexander Lukashenko claimed that his country had sufficient energy resources to support electricity-intensive activities
- The president’s request comes as crypto mining has been criticized around the world for its harmful environmental impact
Belarus has a large number of abandoned industrial sites that might be used to produce cash through cryptocurrency mining, according to the country’s president. President Alexander Lukashenko of Belarus has urged the government to mine cryptocurrencies using unused electricity infrastructure.
Belarus president asking citizens to mine crypto
According to Russian news agency RBC, Lukashenko spoke at the opening of the Petrikovsky mining and processing plant on Aug. 27, urging people to pursue crypto mining in Belarus rather than low-paying farming jobs abroad.
Belarus has enough electricity resources to power cryptocurrency mining, according to the president, who pointed to abandoned industrial sites that may be repurposed to create cash. They must understand, they are not waiting for us anywhere, said Lukashenko. Make something that is powered by electricity. After all, start mining Bitcoins, or whatever they’re called these days. Electricity is plentiful throughout the country.
As a result, Belarus’ president feels the country’s central bank and State Control Committee should suggest clarifying some legislative rules and establishing the necessary level of control over the new financial transactions domain.
Despite the fact that he set aside time to discuss cryptocurrency, the discussion was designed to seek ways to expand Belarusian digital technologies. Lukashenko summed up all of his comments on the issues, emphasizing that he only wants to impose regulations, not outright bans.
Belarus largest investment project
The Petrikovsky facility is the state-owned Belaruskali’s largest investment project. Belaruskali is one of the world’s leading producers of potash fertilizers, purportedly accounting for 20% of worldwide supply as of 2019. Belaruskali, the country’s sole potash exporter, was sanctioned by the US government in mid-August, along with other sanctions against President Lukashenko.
Lukashenko’s recent push for crypto mining comes after the Belarusian government has made many attempts to enter the burgeoning cryptocurrency mining business. The Ministry of Energy of the Republic of Belarus announced in February that it was looking into the risks and benefits of crypto mining in preparation for a possible foray into the industry. Lukashenko proposed in April 2019 that the country’s first nuclear power plant’s excess electricity be used to mine and sell cryptocurrencies.
Since the crypto sector was regulated in Belarus in 2017, there is only one crypto exchange registered domestically. The country has gained news in recent months as a result of major anti-Lukashenko protests. Cryptocurrencies have helped pave the way for protest movements to be funded. Bysol, a Belarusian charity group, gathered more than $2 million in bitcoin (BTC) donations in less than a month to support the protest movements.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
