Belarus government explores potential move into crypto mining

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The Belarusian state is investigating the cryptocurrency industry for a possible entry into the mining of digital coins such as Bitcoin (BTC).

The Ministry of Energy of the Republic of Belarus officially announced on Friday that it is actively dealing with the pros and cons of cryptocurrency mining. Minister Viktor Karankevich said the crypto mining industry is growing rapidly around the world in countries like China, the US, Canada and Russia.

The minister went on to say that after examining the potential risks and other factors, the government is considering developing the mining industry:

“This is a new direction for us now. It’s interesting, but to get started we need to do a detailed study on the subject, including an assessment of the possible risks associated with this type of activity. We are on. “

The Belarusian government has been dealing with the issue of crypto mining for some time. In April 2019, President Alexander Lukashenko reportedly proposed using excess energy from the country’s first nuclear power plant to mine and sell cryptocurrencies.

Belarus has tried to position itself as a cryptocurrency-friendly country in recent years. In 2017, Lukashenko signed a decree on the development of the digital economy, which legalized key activities related to crypto such as mining, buying and selling, and trading in crypto. In 2019 Belarusbank – the largest bank in Belarus – said it was setting up a crypto exchange.