Belarus has emerged as a contender to take the cryptocurrency mining mantle for China, following the latter’s proposed ban that looks to outlaw the domestic mining industry. Aleksandr Lukashenko, the President of the eastern European country, voiced his support for the decentralized currency industry in what will be a new chapter for the country.
Following a recent meeting at Belarus’ national Hi-Tech Park in the capital Minsk, the President spoke to members of the country’s IT sector regarding a move towards a digital economy, reported the local Belarusian news agency BeITA earlier this week.
Lukashenko is a fervent advocate of the FinTech revolution and has ushered policies that would push his country towards the same. With reference to this collective objective, the members of the IT community will also voice their opinion to bring in better regulation in the industry.
Responding to the requests for a positive stance towards the decentralized currency industry, Lukashenko stated that Belarus would permit cryptocurrency mining farms to setup shop in the country. Furthermore, their development and growth would not be impeded on.
He enthusiastically stated:
“You are my children. I’ve created you with my own hands as well as I could. You wanted cryptocurrency, crypto exchanges, crypto mining, and the rest. You wanted to set up the farms… Now you are grown up and can suggest where we move on from here.”
The President added that “this direction” was where the country was headed. Lukashenko stressed on the importance of the internal infrastructure that would allow the cryptocurrency industry to develop and that he would support the same, adding:
“I will only support and help as much as possible.”
Miner Update reported that, according to Lukashenko’s plans, the up and coming mining farm will be set up in close proximity to the country’s nuclear power plant. However, this plant will be fully operational only by the close of 2019.
According to the aforementioned report, the President had affirmed that a section within the nuclear facility will allow for the mining of cryptocurrencies, which could indicate that nuclear energy will be harnessed for the production of Bitcoin.
Furthermore, the requirement of a digital economy objective to support Belarus’ FinTech industry will be reviewed, and a final decision on the same is likely to be announced in the second quarter of 2019.
Eastern European countries are looking favorably towards cryptocurrency mining, with Belarus being the latest in this list. Earlier this year, Georgia sold 45 acres of land to Bifury and created tax-free zones to allow crypto-centric entrepreneurs to commence operations. The San Francisco company has, since entering Georgia, assisted the government to use blockchain for their land registry system.
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