Alexander Lukashenko, President of the Republic of Belarus, is encouraging more intensive cryptocurrency mining in his country. He even claims that it is a better option than picking strawberries in Poland.
Speaking at the opening of the Petrikovsky Mining and Processing Plant earlier this week, Lukashenko gave several reasons
BTC in Belarus is possible. He noted that mining on domestic soil is more profitable than working on farms abroad. According to him, such jobs include picking strawberries in Poland.
Moreover, the president of the Eastern European country encouraged the employees of the Belarusian fertilizer company to start mining “cryptocurrencies or whatever it is called”.
We must understand that they are not waiting for us anywhere. And if someone is waiting […] Maybe on plantations, as Ukrainians often say, Poles or Germans have to suffer picking strawberries.
Lukashenko: electricity in Belarus is enough for mining
Lukashenko stressed that the country has enough electricity
to power the infrastructure for mining cryptocurrencies.
Create something with electricity. Eventually start mining cryptocurrencies or whatever it’s called. There is enough electricity in the country.
Noteworthy, Belarus is one of the most cryptocurrency-friendly nations in the world. Since December 2017, Bitcoin
(BTC) and other cryptocurrencies in the country have been legalized. This came about after the adoption of the Digital Economy Decree. The move was aimed at boosting growth in the private sector and attracting foreign investors.
Moreover, the country has temporarily abolished all taxes related to cryptocurrencies. The lack of taxes will remain in effect until 2023. In November last year, Belarusbank, the leading bank in Belarus, also opened a cryptocurrency exchange service. Its customers can use it to buy and sell digital assets using Visa cards.
rise of cryptocurrency
Although nothing official, Alexander Lukashenko’s comments indicate the legalization of cryptocurrency mining activities. This could see Belarus join countries like Iran and Kazakhstan. The Iranian government allowed Bitcoin
mining in July 2019. The venture seemed like the perfect solution to save the nation’s sinking economy. At one point, the country even considered using the digital currency for international trade.
Nevertheless, the government later banned Bitcoin mining. All due to interruptions in the supply of
Kazakhstan, on the other hand, entered the mining industry after China launched a crackdown on cryptocurrencies and their digging. At the same time, Chinese miners migrated to the US and North American countries. This not only ended Chinese dominance in the industry, but also made the network more decentralized.
At the time of this writing, Bitcoin has crossed the $50,000 level again. The original coin also recorded a 24-hour trading volume of $39.7 billion. At this point, BTC’s dominance over altcoins is around 42%
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