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Belarusian Government Launches Investigation Into Crypto Mining

The Ministry of Energy of the Republic of Belarus officially announced yesterday that it plans to explore the pros and cons of crypto mining. Minister Viktor Karankevich declared this was the result of the crypto mining industry developing rapidly across the world, including in China, Canada, Russia, and the United States.

Karankevich has also commented that the government is taking into consideration entering the mining industry after an investigation of the potential risks and other factors involved:

“This is a new direction for us now. It is interesting but in order to get started with it, we have to conduct a detailed study of this issue, including an assessment of possible risks associated with this kind of activity. We’re on this.”

The government of Belarus has been analyzing the question of crypto mining for some time. It was reported in April 2019 that President Alexander Lukashenko wanted to redirect excess energy from the country’s first nuclear power plant to mine crypto and sell it.

The country is also trying to be seen as a crypto-friendly one as in 2017 Lukashenko signed a decree for the development of the digital economy, legalizing important crypto-related activities, such as mining, buying, selling, and trading. Two years ago, the largest bank in the country, Belarusbank, declared it was taking into consideration setting up a crypto exchange.

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