President Alexander Lukashenko has been desperately trying to promote cryptocurrency in Belarus. The country has been witnessing people – most of whom are farmers – migrating to other countries in search of better-paying jobs, as the homeland isn’t keeping them well fed for the labor they are putting. In response to this, the President said them to start cryptocurrency mining as an alternative source of income.
Alexander Lukashenko Asks the people of Belarus to Start Cryptocurrency Mining
Belarus is at a stage of economical depression, as many internationally significant countries and neighboring countries have put restrictive sanctions based on the newly elected Belarusian President.
A meeting took place in the state-owned enterprise JSC Belaruskali (also one of the agencies subjected to internal economic sanctions), one of the world’s largest producers of potash fertilizers. Here, President Alexander Lukashenko opened dialogues to prevent his country from falling apart, one of the suggestions to the low-paid farmers of Belarus who were fleeing away to other countries was to start “mining cryptocurrencies rather than picking strawberries abroad.”
President Lukashenko spoke to the officials and said them to utilize the accessible excess power to extract cryptocurrency. The head of state also noted that Belarusian laborers are not needed abroad, aside from farming positions.
in a video posted by the Пул Первого on Telegram channel, the President said that farmers in the foreign are “squirming” in the horticulture fields of Poland and Germany. Most of the Belarusians are migrating to countries that are international markets for the UK berries and fruits. Hence, the President who has been pressing on the use of cryptocurrency in the nation – provided they are well-regulated and “taking China’s regulatory policy as an example” – urges the officials to build an infrastructure to mine cryptocurrency.
In November last year, the country’s biggest financial agency in the country– Belarusbank, issued services that permit individuals to purchase and sell cryptocurrency with a Visa card.
During an official meeting with senior government authorities in March this year, the Belarusian president Alexander Lukashenko indicated fixing the administrative system for controlling and regulating the use of cryptocurrency, referring to as an illustration of China’s involvement with building a digital society.
The president attended a ceremony to start cryptocurrency mining firms in Pietrykaw, a town in the southern Gomel region. The place has an abundance of resources essential to building greenhouses. He said, “Create something on electricity. In the end, start mining cryptocurrency or whatever it’s called. There is enough electricity in the country.”
Belarus authorizes crypto-business exercises, including mining, with an official declaration that came into power in March 2018. In April 2019, Alexander Lukashenko proposed that bitcoin ranches can be worked at the thermal energy station in the Grodno locale on the Lithuanian line to utilize the overabundance power created by the NPP.
Cryptocurrency is looked upon as a knight in shining armor by president Alexander Lukashenko to rescue Belarus from the international vexation that it has been subjected to.
It is on the sanction list of the USA, the UK, EU, Canada, France (are the major ones). The sanctions were put mostly because of the President’s fraudulent acts in international trades and political unrest. However, cryptocurrency is also a major face of financial terrorism and crimes. I wonder how will crypto developments in the country be perceived by these major international powers.