Belarusian President Aleksandr Lukashenko is making his stance clear: it’s time to finalize laws for digital currencies. He’s pressing authorities to quickly create transparent rules for cryptocurrencies and digital tokens. This move aims to protect investors and draw new businesses into the country’s digital economy.
Lukashenko is clearly impatient. He first gave instructions for new rules back in 2023. These regulations are still missing, which he calls an unacceptable delay. He feels the country is falling behind as digital assets grow worldwide.
Problems Found and Risks Ahead
His worries are not just theoretical. The State Control Committee presented a report, highlighting issues with crypto platforms serving Belarusian citizens. This report found problems in how transactions were recorded. It also revealed that about half of the money sent abroad by local investors never returned.
Lukashenko called this situation unacceptable. He warned about the dangers it poses to citizens’ savings and the national financial system. He explained that these losses happen when people use foreign platforms. Gaps in rules, technical issues, or capital flight meant money wasn’t coming back home.
The Law vs. Technology Challenge
The president admitted that technology moves faster than laws can keep up. Because of this, he told regulators and the Hi-Tech Park to work together. The Hi-Tech Park is a special economic zone that oversees much of the country’s digital business. He wants them to use their knowledge to create new guidelines and share responsibilities.
Lukashenko assured that these new rules should build trust. They should make local and international businesses feel safe operating in what he called "our digital haven."
Looking at Crypto Mining
This isn’t the president’s first look at the crypto industry. Just recently, on March 5, the state agency BelTA reported Lukashenko was considering using the country’s extra electricity for digital asset mining. "Look at mining. More and more people are asking me about it. If it’s profitable for us, let’s do it," he told the new Energy Minister then.
According to the state agency BelTA, the president insisted that “clear rules of the game” and oversight mechanisms are needed to ensure security for investors and the country’s financial stability.
Lukashenko tied this idea to global trends. He mentioned the United States, where the White House had talked about creating a strategic reserve of cryptocurrencies. He believes Belarus should not lag behind this trend.
Other countries offer examples. Bhutan has built over 100 megawatts of Bitcoin mining power and plans to add 500 more. El Salvador, which made Bitcoin legal currency, uses geothermal energy for smaller-scale mining.
An Older Law, Still Incomplete
Belarus was an early player in setting legal rules for digital assets. Decree No. 8 "On the Development of the Digital Economy" was signed on December 21, 2017. It created special conditions for tech companies within the Hi-Tech Park.
This law offered tax breaks. It recognized smart contracts and made activities like mining and issuing tokens legal. This was true as long as companies in the park did them. The special treatment was extended until January 1, 2049. It also added new areas like artificial intelligence, self-driving cars, and esports.
Despite these steps, the system is still unfinished. Lukashenko’s recent statements show his growing frustration. He wants the country’s ambition for regulation to match the demands of technology and the market. The goal is to stay competitive in this quickly changing industry.