President of the Republic of Belarus Alexander Lukashenko has instructed the government to intensify efforts to develop cryptocurrency mining, calling this direction important for the country's economy. The statement was made at a meeting on economic strategy issues, as reported by the BelTA agency. The news is already widely discussed on social networks, underlining its relevance.
"We have an excess of electricity that needs to be used beneficially. Mining is what is in demand right now," Lukashenko emphasized, addressing the government members. He urged to develop specific proposals in the shortest possible time.
The basis of the initiative is the excess electricity generated after the launch of the Belarusian Nuclear Power Plant in Ostrovets. Lukashenko sees an opportunity to turn energy resources into economic benefits. "We can not just sell electricity, but create cryptocurrency ourselves," he noted.
Experts confirm that low electricity tariffs are a competitive advantage for Belarus. However, for success, investments in modern data centers and modernization of power grids will be necessary to withstand the loads from mining farms.
The President noted global trends, mentioning steps taken by major economies like the USA towards recognizing cryptocurrencies. "If they are doing it, we should also move forward," Lukashenko said. This approach continues the policy of 2017, when the decree "On the Development of the Digital Economy" legalized operations with digital assets.
Belarus has already established itself as a country open to technology, thanks to the High-Tech Park. A new focus on mining can strengthen its position in the digital field.
The implementation of the project comes with challenges. A legal framework is needed to attract investors, as well as consideration of environmental risks associated with the energy demands of mining. "Belarus can become a regional leader if it doesn't miss the opportunity," believes economic analyst Elena Dubrovskaya. Competition with countries like Kazakhstan requires prompt action.
Lukashenko also urged officials to "get rid of bureaucracy" and act decisively, highlighting his expectations from the government.
Lukashenko's directive opens up prospects for Belarus's integration into the global digital economy. Success will depend on the speed and quality of implementation. If the government manages to create conditions for mining, the country will not only monetize its resources but also position itself as a technological player. Otherwise, the initiative risks remaining at the idea level.