Belarusian President Alexander Lukashenko has directed the country’s energy minister to support and expand the cryptocurrency mining industry, which aims to tap into excess electricity for additional revenue. The announcement comes amid a government restructuring, with Lukashenko also citing the need to modernize Belarus’ 5,700-kilometer power grid to meet growing energy demands.
In a recent statement, Lukashenko acknowledged the growing global interest in cryptocurrencies and accepted requests from those seeking opportunities in the sector.
“Look at this mining. More and more people are turning to me. If it’s profitable for us, let’s do it. We have excess electricity. Let them produce these cryptocurrencies and the like,” he said.
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Lukashenko also drew attention to global economic trends, referring to the decision of a major economy to include cryptocurrencies in its reserves. “You see the way the world is going. And especially the world’s largest economy. Yesterday they announced that they will keep cryptocurrencies in reserves.”
The Belarusian leader proposed a dual approach: attracting investors to buy electricity for mining operations, and also considering state-led mining initiatives. “So there will be demand for them. Maybe we should do it ourselves. We will attract some investors, sell them electricity, I do not rule out that. But we need to do it ourselves. There are such proposals. I think you will bypass this bureaucracy and report on what needs to be done,” he added.
*This is not investment advice.