The Belarusian country is studying the cryptocurrency industry for a possible step in the production of digital currencies such as Bitcoin (BTC).
The Ministry of Energy of the Republic of Belarus officially announced on Friday that it is actively studying the pros and cons of cryptocurrency mining. Minister Viktor Karankevich said that the crypto industry is growing rapidly around the world in countries such as China, the United States, Canada and Russia.
The minister continued, saying that the government is studying the use of the mining industry after investigating potential risks and other factors:
“This is a new trend for us now. This is interesting, but first we need to do a detailed study of this problem, including an assessment of the potential risks associated with this activity. We are doing this.”
The government of Belarus has been studying the problem of cryptocurrencies for some time. In April 2019, President Alexander Lukashenko allegedly offered to distribute spare capacity from the country’s first nuclear power plant to expand and sell cryptocurrencies.
In recent years, Belarus has tried to position itself as a friendly country to cryptocurrencies. In 2017, Lukashenko signed a decree on the development of the digital economy, which led to the legalization of major activities related to cryptocurrency, such as mining, buying, selling and trading cryptocurrencies. In 2019, Belarusbank, the largest bank in Belarus, announced that it was considering creating a cryptocurrency exchange.