Like Venezuela, the Belarusian government is studying the possibility of embarking on Bitcoin (BTC) mining. The country is particularly accommodating with an exemption from tax on capital gains in cryptocurrencies.
Belarus takes an interest in mining
The Ministry of Energy of the Republic of Belarus officially announced on Friday that it is actively studying the pros and cons of mining . Minister Viktor Karankevich said the cryptocurrency mining industry is growing rapidly around the world in countries such as China, the United States, Canada and Russia.
The minister went on to say that the government is considering embarking on this activity after a thorough study:
“It’s a new direction for us now. It’s interesting, but to begin with, we need to conduct a detailed study of this issue, including an assessment of the possible risks associated with this type of activity. “
The Belarusian government has been exploring the issue of cryptocurrency mining for several years. In April 2019, President Alexander Lukashenko proposed using excess energy from the country’s first nuclear power plant to mine Bitcoin Machine app.
A country open to cryptocurrencies
The country has a relatively favorable environment for cryptocurrencies . In Belarus, the presidential decree on the development of the digital economy entered into force on March 28, 2018. It authorizes the purchase, sale, exchange and mining of cryptocurrencies.
Most of the provisions of the decree only apply to companies operating in the territory. However, individuals are also allowed to buy, sell and mine cryptocurrencies. In addition, income generated by mining and trading cryptocurrencies is exempt from tax until 2023 .
In November 2020, the country’s largest bank Belarusbank even launched its own cryptocurrency exchange platform that allows citizens to buy Bitcoin with Belarusian rubles (BYN) .