Belarusian President Alexander Lukashenko has directed government agencies to expand cryptocurrency mining, saying the move could help the country cut reliance on the US dollar.
Reports say he made the remarks during a high-level energy meeting in Minsk on November 14, where he framed mining as a priority use for surplus electricity.
He suggested that, rather than simply inviting foreign miners, Belarus might consider holding state crypto reserves if mining proves profitable.
Those comments were made alongside calls to study how energy capacity can be better used to support industry.
Government and industry backers argue that surplus baseload power from the plant makes large-scale mining financially viable.
Lukashenko reportedly said cryptocurrencies could be one option for reducing reliance on a single global currency.
Beyond mining, Belarus is also preparing to roll out its Central Bank Digital Currency (CBDC) by late 2026. Businesses will be onboarded first, followed by government institutions and citizens in 2027.
The project is closely coordinated with Russia’s own CBDC development —…
Observers note the direction is not brand new. Lukashenko first raised the idea of using excess electricity for crypto mining earlier in the year, and since then authorities have studied the fiscal and technical setup needed to attract miners or to run state-backed operations.
At the same time, a recent state audit prompted the president to demand clearer rules for crypto platforms after finding problems in how some operators handled client funds. That tension — invite mining but tighten oversight — is shaping the policy mix.
Officials are drawing up regulatory steps and talking about tax and tariff adjustments to make mining work on a larger scale, while also trying to limit fraud and capital flight.
Featured image from Unsplash, chart from TradingView
