Is Belarus Planning to Legalize Bitcoin Mining? Here’s What Country’s President Said

By Prashant Jha
Published September 1, 2021 Updated September 1, 2021
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Is Belarus Planning to Legalize Bitcoin Mining? Here’s What Country’s President Said

By Prashant Jha
Published September 1, 2021 Updated September 1, 2021

The Republic of Belarus might be the next country to legalize Bitcoin ($BTC) mining joining the likes of Iran and Kazakhstan. While there is no official announcement at the moment but going the by country’s President comments, it seems more likely. During the opening of the Petrikovsky mining and processing plant, President Belarus Alexander Lukashenko called for the construction of Greenhouses to mine Bitcoin.

“They don’t wait for us anywhere, but if someone is waiting, then maybe on the plantations, as Ukrainians often say: the Poles or the Germans are struggling to pick strawberries … we have a lot of sites here in Petrikiv, create something on electricity, in the end, start mining the cryptocurrency, ”Lukashenka said.

The President believes Belarus has several sites and enough electricity that can be utilized to create Bitcoin mining infrastructure. It is also important to note that cryptocurrency trading is legal in the country since December 2017. The digital currency ecosystem is currently exempt from taxes and the state promotes its use. Thus, it won’t be a big deal if the country makes way for state-sponsored clean Bitcoin mining operations.

Last year, the country’s largest bank also open crypto exchange services for the customers that allowed them to buy and sell crypto assets using VISA cards.

Bitcoin Mining Countries are Increasing in Number

Iran was among the first nations to legalize Bitcoin mining in a way to fuel the economy hit by various trade sanctions. At one point the country was also considering the use of Bitcoin for international trade. The country temporarily banned Bitcoin mining in the country as illegal mining led to several blackouts in the country. Iran is set to restart Bitcoin mining operations from the first week of September.

Kazakhstan became a Bitcoin mining hub post-Chinese Bitcoin mining ban and its share of Bitcoin increased from the fifth spot to second within a year. Many North American nations and the US have also attracted migrating miners from China that not only ended China’s dominance in the Bitcoin mining industry but also made the network more decentralized.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1099 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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