President of Belarus will Support Innovation Initiatives Associated With Cryptocurrency

As the Bitcoin continues to hover above $5,000 since its uprise on April 2nd, many governments have turned bullish towards the cryptocurrency space. Recently, the President of Belarus, Alexander Lukashenko, revealed that his government will support innovation initiatives associated with cryptocurrency and blockchain technology, and also suggested that he is looking forward to opening a crypto mining farm under his supervision.

The decision from the president came during the general meeting with the senior representatives of the Information Technology sector. The president during the meeting encouraged the leaders to avail the required resources and also focus on encouraging the citizens for cryptocurrency mining.

President Alexander said,

“Well, you want crypto, cryptobierge, mining, etc., to create a farm there. Wait, we’ll introduce a nuclear power plant (NPP), an excess of electricity … I’ve left a place there, we’ll build farms and we mine these bitcoins and we’ll sell them. Maybe we will create an IT country.”

The president announced that his government is more than ready to support and embrace the new and upcoming technologies, keeping the upcoming generations in mind. Only last year the Russian Internet watchdog, the head of the Radius Group, called Dmitry Marinichev, expressed his will to construct large mining equipment manufacturing plant in the country (Belarus). However, despite the interest and optimism towards the crypto space, the acceptance of crypto in local markets is still uncertain.

The president of Belarus seems to be really fond of cryptocurrencies and quite optimistic about its future for quite some time now. In December 2017 the president signed a decree which exempted crypto traders, investors, buyers, sellers, brokers, etc from taxes. Last year the president also signed a decree for developing the digital economy of the nation.

Vsevolod Yanchevsky, head of HTP Administration, revealed,

“The President of Belarus supported all the ideas and initiatives of the IT community. The decree was sometimes called revolutionary even before the signing in the press. In fact, he is. In Belarus, one of the best conditions in the world for the development of IT, hi-tech in general, businesses based on blockbuster technology and much more is really being created. Talking about the decree does not make much sense – its norms speak for themselves”