Belarusian President Has Urged the Government to Mine Cryptocurrencies
Employees of the state-owned JSC Belaruskali, one of the world’s largest producers of potash fertilizers, were advised by Belarusian President Alexander Lukashenko to mine bitcoin using spare electricity according to a report.
Belarusian workers are not in demand abroad, except for farming jobs, according to the head of state. During the August 27 launch of the Petrikovsky mining and processing factory, the 66-year-old authoritarian leader highlighted to existing areas where Belarusians may mine digital assets.
In April 2019, the president recommended that excess electricity from the country’s first nuclear power plant be utilized to mine and sell cryptocurrency.
Belarus’s Most Recent Attempt to Mine Cryptocurrency
Belarus’ current effort to generate cryptocurrency is one of several attempts by the country and its president to enter the digital asset business. In February, the country’s Ministry of Energy stated that it would investigate the risks and benefits of cryptoasset mining.
The newly opened Petrikovsky plant is now officially Belaruskali’s largest investment project The US administration sanctioned him in mid-August, along with other punitive measures against President Lukashenko.
In November of last year, Belarus bank, the country’s largest banking institution, launched a service that allows customers to buy and exchange digital currencies using a Visa card.
During a meeting with senior government officials in March this year, Belarusian President hinted at strengthening the legal framework to restrict the use of cryptocurrencies, using China’s experience in developing a digital society as an example.
We must understand, said Lukashenko, that they are not waiting for us anywhere. Make something that is powered by electricity. After all, start mining Bitcoins, or whatever they’re called these days. Electricity is available throughout the country.
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