Key Takeaways
- Belarus Presidents wants citizens to focus on crypto mining than taking low paying jobs abroad
- Lukashenko believes that cheap and surplus electricity can be used for mining activities
- Belarus has extensive crypto laws, and crypto mining is legal
The Belarusian head of state made these comments during a mining plant commissioning event.
According to Lukashenko, Belarusians should stop taking low-paying plantation and farming jobs in other European countries and focus on exploring existing opportunities in the country.
He noted that citizens could leverage the cheap and surplus electricity available to mine cryptocurrencies.
Lukashenko also added that there was sufficient support from the government to support mining operations and remarked that this was an excellent way for citizens to create jobs within the nation.
Belarus has concrete crypto laws following the presidential decree that came into effect in 2018.
Since then, several companies have cited their crypto mining operations in the country that boasts cheap and surplus electricity.
The country’s central bank also launched a crypto-based service that allowed clients to buy and sell cryptocurrencies with their debit cards.
This development further legitimized the digital assets in the Eastern European country.
However, Lukashenko hinted earlier in the year that his government could tighten existing cryptocurrency laws.
The president cited Asian giant China, which has built a digital economy based on strict regulatory policies.
Belarus is regarded as one of the poorer nations in Europe, with a significant portion of its populace regularly seeking low-paying farming jobs in Germany and Poland.
Mining cryptocurrencies, especially bitcoin, is expensive and could cost thousands of dollars in equipment and workforce to reap good profits. It remains to be seen whether the populace will heed the president’s calls for crypto mining.
Do you think Belarus’s president is right in his calls for increased crypto mining activities?
