Is Belarus planning to legalize Bitcoin mining?

The Republic of Belarus could be the next country to legalize Bitcoin ($ BTC) mining alongside Iran and Kazakhstan.

Is Belarus planning to legalize Bitcoin mining?

While there is currently no official announcement, according to the country’s president’s comments, it seems more likely that Belarus plans to legalize bitcoin mining. At the opening of the Petrikovsky Mining and Processing Plant, Belarusian President Alexander Lukashenko called to construct a greenhouse for Bitcoin mining.

“They are not waiting for us anywhere, but if someone is waiting, it can be on the plantations, as the Ukrainians say: Poles or Germans are hard at picking strawberries … many of them have something electrical, we are finally starting crypto-mining,” said Lukashenka.

The president believes Belarus has multiple locations and enough electricity that can be used to build a bitcoin mining infrastructure. It should also be noted that cryptocurrency trading in the country has been legal since December 2017. The digital currency ecosystem is now tax-free, and the state is promoting its use. Hence, it wouldn’t be a big deal if the country gave way to clean, government-sponsored Bitcoin mining operations. And the legal plan to mine Bitcoin is likely to come true.

Last year, the country’s largest bank also opened a cryptocurrency exchange service for customers to buy and sell crypto assets using VISA cards.

Belarus plans to legalize bitcoin mining in the context of the increasing number of bitcoin mining countries.

Belarus is just one of many countries mining Bitcoin. Iran was one of the first countries to legalize Bitcoin mining to boost its economy, hit by various trade sanctions. At one point, the country also considered using Bitcoin for international trade. The government has temporarily banned bitcoin mining as illegal mining has resulted in multiple power outages across the country. Iran will resume bitcoin mining from the first week of September.

Kazakhstan has become a bitcoin mining hub after China’s bitcoin mining ban, and the country’s bitcoin market share has risen from fifth to second in a year. Many North American countries and the United States have also attracted miners to migrate from China, which ends China’s dominance in the bitcoin mining industry and makes the network more decentralized.

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