Belarus President Says The Country Will Build its Cryptocurrency
Belarus declare intent on building its national cryptocurrency utilizing the spare power infrastructure
On January 26th, 2025, Belarusian President Aleksandr Lukashenko said the country is working on a national cryptocurrency. The president cited surplus electricity as a key driver for this initiative, a deeper analysis reveals a complex interplay of technological ambition, financial necessity, and potential geopolitical considerations.
President Lukashenko’s statement, delivered following his participation in the presidential election, highlighted the involvement of Belarusian IT specialists and framed the cryptocurrency project as a response to their proposal.
The president continued, “Specialists and the government received this task; our IT specialists recently sent me a letter.”
“They suggested this approach. They originated this idea, but they need our help because they’re working on artificial intelligence and cryptocurrency—just as I helped establish a park.” Aleksandr Lukashenko says.
Additionally, “Using cryptocurrency for payments suits us. We’re developing a cryptocurrency in Belarus. We have excess electric energy, and we’re maximizing its use.” Lukashenko asserted.
Belarus President Calls on State to Mine Cryptocurrency
In September 2021, Belarusian President Lukashenko urged the government to utilize spare power infrastructure for cryptocurrency mining.
On August 27, speaking at the opening of the Petrikovsky mining and processing plant, Lukashenko encouraged workers to pursue crypto mining in Belarus instead of low-paying farming jobs abroad, according to Russian news agency RBC.
The president asserted that Belarus possesses sufficient electricity resources to power cryptocurrency mining, citing abandoned industrial sites as potential revenue generators. Lukashenko declared, “We must understand, they are not waiting for us anywhere to Build something based on electricity. Start mining cryptocurrencies or whatever it’s called, the country has enough electricity.”
The Petrikovsky plant represents the largest investment project of state-owned Belaruskali, a leading global potash fertilizer producer, reportedly accounting for 20% of global supply in 2019. However, the sole Belarusian potash exporter, Belaruskali, faced US government sanctions in mid-August, among other punitive measures against President Lukashenko.
Lukashenko’s recent call for crypto mining follows previous Belarusian government attempts to enter the cryptocurrency mining industry. In February, the Ministry of Energy investigated the risks and benefits of crypto mining for potential sector entry. In April 2019, Lukashenko proposed using excess energy from the country’s first nuclear power plant to mine and sell cryptocurrencies.
