At a recent government meeting, Lukashenko said agencies must work out who regulates the industry and how the country’s Hi-Tech Park — Belarus’s IT hub — will be involved. The call builds on his earlier Decree No. 80, which set the stage for a national crypto framework last year.
The president has also floated the idea of using Belarus’s excess electricity for cryptocurrency mining. Earlier this year, he asked his energy minister to examine whether large-scale mining could become a profitable venture for the country, saying bluntly: “If it makes sense for us, let’s do it.”
Despite showing interest in blockchain, Minsk has already put limits on how its citizens can use crypto. In September 2023, Lukashenko signed Decree No. 367, banning peer-to-peer transactions and forcing individuals — even entrepreneurs in the Hi-Tech Park — to trade only through approved local exchanges. Officials say the ban is meant to ensure “transparent and controlled” circulation of tokens.
The government’s approach reflects a mix of curiosity and caution: it wants to benefit from mining and regulated trading, but it won’t allow fully decentralized use of cryptocurrencies. How these new rules are drafted will decide whether Belarus can attract serious crypto activity — or whether heavy state control keeps innovation on the sidelines.
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