Belarusian President Alexander Lukashenko
In the long bear market of the past year, the profits from mining activities have declined, but this does not mean that all investors will withdraw from the field. For example, Belarus has not abandoned plans to develop the digital economy. The government believes that it has sufficient resources and will soon have sufficient cheap energy to power its mining digital currency and profit from mining activities.
Recently, Belarusian President Alexander Lukashenko held a meeting with IT experts. At the meeting, he reiterated the government's vision to protect and develop the digital industry and promised that there will be sufficient resources to achieve this goal. He said that Belarus will soon use excess power to power the new encrypted digital currency mine.
Lukashenko refers to the new nuclear power plant (NPP) that is currently being built in the Astravyets area of the Grodno area, close to the Lithuanian border. The nuclear power plant will have two nuclear reactors. The first unit is scheduled to be operational by the end of the year and the second unit will begin to generate electricity in the summer of 2020. The total capacity of the new nuclear power plant will be around 2,400 megawatts.
At the meeting, he told young IT experts: "We have already studied this course with you, and our position will not sway. Although we provide demand, we will solve all problems."
The Belarusian leader promised that the government will continue to support the country's digital economy and stressed: "We will help you as much as possible. This is our responsibility."
As a former Soviet republic, Belarus has become a close ally of Russia and is often criticized for its dictatorship. Last year, the country legalized encryption activities within high-tech parks (HTPs). On March 28, 2018, the Presidential Decree on the Development of the Digital Economy came into effect. Before January 1, 2023, the decree will introduce tax incentives and other incentives for encryption companies. In addition, in order to ensure the smooth implementation of the Act, the Minsk government adopted a new cryptographic auditing standard, which in turn expanded the scope of the regulatory framework.
It is understood that this friendly policy for encrypted digital currency is part of the country's efforts to become a global IT center program that aims to attract businesses from all over the world in a friendly environment. Since the high-tech park is considered the country's “Silicon Valley,” there are now hundreds of entrepreneurs, including market participants from the field of encrypted digital currencies. (Mars Finance)