Belarus President Charges Citizens to Partake in Cryptocurrency Mining

Azeez Mustapha
29 August 2021 | Updated: 29 August 2021

The President of Belarus, Alexander Lukashenko, has charged Belarusians to mine cryptocurrency with the available electricity surplus. President Lukashenko made the statement during a recent meeting with the state-owned company JSC Belaruskali, one of the world’s leading producers of potash fertilizers. The President noted that Belarusians are unwanted abroad, except for farming jobs. 

In a video posted by the Пул Первого Telegram channel, Lukashenko noted that: “We must understand, they are not waiting for us anywhere. And if someone is, it may be on the plantations.” The head of state added that guest workers struggle for jobs in strawberry farms in Poland and Germany. 

At a visit to Pietrykaw, a town situated in the southern Gomel area—where he was also present for the opening ceremony of a mining and processing plant—Lukashenko continued to spread his crypto mining support. He noted that the area abounded with vacant industrial sites, calling on the audience to utilize the bountiful resources for greenhouse erections. The head of state added that:

“Create something on electricity. In the end, start mining cryptocurrency or whatever it’s called. There is enough electricity in the country.”

Belarus President Alexander Lukashenko

Belarus has Strong Support for Cryptocurrency Industry

In March 2018, crypto-based businesses gained legislative recognition in Belarus, following a presidential decree. 

In April 2019, President Lukashenko called for the erection of Bitcoin farms at the nuclear power plant in Grodno along the Lithuanian border, to capitalize on the surplus electricity generation by the NPP (Belarus Nuclear Power Plant).

In late 2020, the largest banking institution in Belarus, Belarusbank, rolled out a service that allowed users to buy or sell digital assets using a Visa card. 

While he is a vocal proponent of the crypto industry, the Belarusian President recently hinted at a stricter regulatory framework for the industry in a meeting with senior government officials. Lukashenko cited the Chinese government’s approach to building a digital society as an example. 

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.