The rise in the value of cryptocurrencies has also surged the industry’s popularity. While countries like Belarus have been evaluating the pros and the cons of the industry, a few others like India seem to be stringent about letting their citizens use crypto.
Crypto mining is considered to be exceptionally profitable, despite the amount of electricity the process takes. Examining the same, the Belarus government revealed that it was looking into the mining of cryptocurrencies like Bitcoin [BTC].
Belarus To Jump Onto The Crypto Bandwagon?
In a recent announcement, the Ministry of Energy of the Republic of Belarus proclaimed that it had started an investigation pertaining to the advantages and the disadvantages of crypto mining. Belarus has time and proved to be a crypto-friendly country. The European nation legalized crypto mining, trading, buying, and selling of digital assets back in 2017. This move was made by President Alexander Lukashenko with regard to the country’s steer towards digitalization.
The President had previously revealed that he intended to use the excess energy attained from the country’s nuclear power plant and direct it towards the mining of crypto.
Minister Viktor Karankevich, in the latest announcement, revealed that the Belarus government intends to be a part of the crypto mining industry that has witnessed drastic growth. With countries like Russia, China, the United States as well as Canada veering into the crypto mining industry, Belarus is the latest to join the party.
The announcement further read,
“This is a new direction for us now. It is interesting but in order to get started with it, we have to conduct a detailed study of this issue, including an assessment of possible risks associated with this kind of activity. We’re on this.”
While the country is still assessing the risks that surround the crypto mining industry, the government could soon find its way into it, the announcement suggested. With the value of the industry skyrocketing, Belarus’ move could be beneficial for the country’s development.