Belarusian President Alexander Lukashenko suggests cryptocurrency could replace USD dependence, prioritizing crypto mining for electricity use.
Belarusian President Alexander Lukashenko made a notable statement. He said the world is accelerating its move. This move is away from dependence on the U.S. dollar. Cryptocurrencies, he added, might be a different route to take. He pointed out the mining of cryptocurrencies. He can see it as one of the priority use cases for the country. This is for the consumption of electricity. He acknowledged mining revenues may fluctuate. However, he stressed there is “no need to worry too much.”
Lukashenko Touts Crypto Mining for Economic Independence
President Lukashenko made the above remarks at a meeting. This meeting discussed the performance of the Belarusian NPP. It also discussed the problem of increasing electricity consumption. Proposals for the construction of new nuclear capacities were also on the agenda. The meeting took place in Minsk on November 14.
According to BelTA, Belarusian President Alexander Lukashenko said the world is accelerating its move away from reliance on the U.S. dollar, and that cryptocurrencies could become an alternative path. He highlighted cryptocurrency mining as one of the country’s priority use cases…
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The president requested a report. This report was about measures taken to increase the consumption of electricity. It also discussed their results. Proposals for additional development of the electric power industry were solicited. Related sectors were included too. This represents a strategic focus on energy.
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“For example, mining of cryptocurrencies, electric transport, construction of all-electric houses,” the head of state said. “The focus is on the prospects of using existing and new capacities.” This brings to the fore a national strategy. It is aimed at diversifying the use of energy.
“I have read various reports and opinions here,” Lukashenko went on. “One of the reports says that the mining of cryptocurrencies can be unstable. It can be higher in some locations, lower in others. He then related this to a global problem. “Our whole world is now confronted with a world problem. This problem is moving away from the dependence on a single currency, the dollar. This process will intensify. Cryptocurrency is probably one of the options.” This shows that there is a strong belief in the potential of crypto.
Global Shift from Dollar Reliance and Crypto’s Role
President Lukashenko’s comments are in line with an increasing sentiment around the world. Many countries are trying to lessen their dependence on the U.S. dollar. This is for the international trade and reserves. The president recognizes cryptocurrency as an alternative. This vision provides more financial autonomy to Belarus.
His focus on cryptocurrency mining is especially important. It suggests the idea of being proactive. Belarus wants to take advantage of its energy resources. This is for the emerging digital industries. The country’s nuclear power plant production bears this out. It is a source of sufficient amplitude of electricity. This could put Belarus into the position of a key player. This is in the global crypto mining scenario.
It is also important that the president recognizes the volatility of mining revenue. It provides a realistic understanding of the market. Yet, his confidence in general is high. He believes in the potential of cryptocurrencies in the long run. This is as an economic diversification tool.
This move by Belarus may serve as an inspiration to other nations. They might also consider similar strategies. This is for reducing the dollar dependence. The global financial system is in a state of transformation. Cryptocurrencies have an expanding role to play. Belarus’s position could speed up this change.