Amid growing interest in the cryptocurrency space, President Alexander Lukashenko of Belarus has set forth a directive to bolster the nation’s cryptocurrency mining initiatives. He believes this strategy could significantly aid in reducing the country’s dependence on the US dollar.
During a recent energy summit held in Minsk on November 14, Lukashenko emphasized the potential of mining as a key application for excess electricity produced in the country.
Lukashenko Advocates for Mining Expansion
State sources report that Lukashenko has called on government officials to outline specific strategies for enhancing electricity consumption, along with plans for scaling mining operations across Belarus.
Rather than simply welcoming foreign miners, he proposed the possibility of establishing state-owned cryptocurrency reserves contingent on the profitability of the mining sector.
These statements were compounded by discussions regarding optimizing energy capacity to better support local industries.
Nuclear Energy as a Driving Force
Belarus boasts a robust nuclear power infrastructure that could support these ambitions. The Ostrovets (Astravyets) nuclear facility, which consists of two units, produces approximately 2,400 MW and accounts for around 40% of the country’s electricity generation.
Proponents from both government and industry maintain that the excess power generated by the plant creates an economically feasible environment for large-scale mining operations.
A Comprehensive Currency Strategy
Reports indicate that Minsk regards cryptocurrency mining not just as an industrial venture, but as a component of a larger shift away from dollar dependency.
Lukashenko has stated that cryptocurrencies might serve as a viable alternative to reliance on a singular global currency.
This broader framework ties into developments concerning new payment solutions: the National Bank is working on a digital ruble initiative, with aspirations for phased implementation by late 2026, starting with business sectors and eventually reaching the general public.
In addition to mining initiatives, Belarus aims to launch its Central Bank Digital Currency (CBDC) by late 2026, onboarding businesses initially, followed by governmental entities and the general populace in 2027.
This project aligns closely with similar developments in Russia regarding CBDC.
— Media One (@encMediaOne) November 15, 2025
Previous Signals and Practical Implementation
Observers note that this direction is not entirely new. Lukashenko had previously discussed utilizing surplus electricity for cryptocurrency mining earlier this year. Since then, government entities have been assessing both the financial and technical frameworks needed to attract miners or establish state-supported operations.
Moreover, recent audits have prompted the president to insist on clearer regulations for crypto platforms, after uncovering issues with how some operators managed client funds. The balancing act of encouraging mining while enforcing stricter oversight is shaping the future policy landscape.
Regulatory Measures and National Reserve Considerations
The authorities are currently drafting regulations and discussing tax incentives to facilitate large-scale mining endeavors, while also addressing issues of fraud and capital flight.
Additionally, reports suggest that the National Bank plans to sequence the CBDC introduction, coordinating with regional collaborators, and establishing stricter reporting protocols for cryptocurrency companies to ensure the retention of investor funds within the local economy.
Image courtesy of Unsplash; chart adapted from TradingView
