Belarus is moving to define its place in the crypto world. President Aleksandr Lukashenko has told lawmakers to set out clear and transparent rules for digital assets, arguing that the country needs to keep pace with global trends but without giving up state oversight.
At a recent government meeting, Lukashenko said agencies must work out who regulates the industry and how the country’s Hi-Tech Park — Belarus’s IT hub — will be involved. The call builds on his earlier Decree No. 80, which set the stage for a national crypto framework last year.
Mining on the Table
The president has also floated the idea of using Belarus’s excess electricity for cryptocurrency mining. Earlier this year, he asked his energy minister to examine whether large-scale mining could become a profitable venture for the country, saying bluntly: “If it makes sense for us, let’s do it.”
Tight Grip on Trading
Despite showing interest in blockchain, Minsk has already put limits on how its citizens can use crypto. In September 2023, Lukashenko signed Decree No. 367, banning peer-to-peer transactions and forcing individuals — even entrepreneurs in the Hi-Tech Park — to trade only through approved local exchanges. Officials say the ban is meant to ensure “transparent and controlled” circulation of tokens.
Balancing Openness and Control
The government’s approach reflects a mix of curiosity and caution: it wants to benefit from mining and regulated trading, but it won’t allow fully decentralized use of cryptocurrencies. How these new rules are drafted will decide whether Belarus can attract serious crypto activity — or whether heavy state control keeps innovation on the sidelines.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
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