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Belarus explores crypto mining industry

Minister of Energy in Belarus Viktor Karankevich officially announced this February 26th that they will start exploring the possibilities of moving into the cryptocurrency mining industry.

Since the crypto mining industry is rapidly growing all over the world in countries like China, Canada, Russia, and the United States, the minister stated that they might move into the crypto mining trend as well.

This is a new path for us now. Since it offers potential success, we want to conduct a detailed study of this issue. This includes an assessment of possible risks associated with this kind of activity. However, we are still deciding whether we want to go through with it,’ said Minister Karankevich.

The Belarusian government has a healthy approach towards cryptocurrency and blockchain technology with its regulatory framework. In 2017, Belarus president Alexander Lukashenko approved a proclamation on the development of the digital economy, legalizing major crypto-related activities like mining, buying and selling, and trading digital assets.

Since this proclamation, the government continues to make friendly policies and promote crypto trading in the country.

The future of crypto mining in Belarus

The government of Belarus is still investigating the crypto mining industry to know the possible obstacles they could face in the future.

‘The government is interested in the crypto mining industry since it might help improve the country. Although it offers a lot of advantages, it might be a risky move at the same time. For this reason, the Belarusian government is still studying the feasibility of crypto mining for today. In addition, the president has also proposed for the country to direct part of the energy from its nuclear power plant to crypto mining,’ stated Minister Karankevich.

In 2020, the country’s largest bank, Belarusbank reportedly began a cryptocurrency exchange in collaboration with a BTC exchange service provider called Whitebird. The bank stated that it would allow its customers to buy Bitcoin using Visa cards, proving its efficiency in making transactions.

On a statement posted on Whitebird’s website, the partnership will allow Belarusbank users to easily buy or sell Bitcoin using currencies such as Belarusian rubles (BYN), US dollars (USD), Russian rubles (RUB) and many more.

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