Several recent reports suggest that the crypto mining industry is witnessing a massive meltdown, however, some countries still remain hopeful of its future. In what can be considered a populist move, the president of Belarus, Aleksandr Lukashenko, has decided to support the development of a giant data center dedicated to Bitcoin mining.
Lukashenko recently held a meeting with the members of the Belarus IT sector to discuss the benefits of moving towards a digital economy. The president also discussed different possibilities and measures needed to be taken to achieve it. Belarus’ national news agency BeITA reported that the meeting took place at the national Hi-Tech Park (HTP).
Supporting The Growth of Belarus’ FinTech Industry
The Eastern European nation of Belarus has shown its active participation in the ongoing FinTech revolution. Lukashenko has asked the members of the IT community to put forward their requirements and needs.
The president aka the head of Belarus is often referred to as the ‘man of the people’ and called ‘batka’ (‘daddy’) in the local language. Addressing the Belarusian citizens, Lukashenko said:
“You are my children. I’ve created you with my own hands as well as I could. You wanted cryptocurrency, crypto exchanges, crypto mining, and the rest. You wanted to set up the farms… Now you are grown up and can suggest where we move on from here. We are going to move in this direction as effectively and as far as you would like”.
The president also assured that the state will help to establish the necessary infrastructure for setting up the data center. “I will not let anyone offend you,” Lukashenko assured.
Belarus To Get Bitcoin Mining Farms by End of 2019
The Belarus president is planning to establish the mining farm data center directly adjacent to the Belarusian nuclear power plant.
The plant is likely to go into full-fledged operations by the end of 2019. Lukashenko has promised that he will reserve some space in the plant for Bitcoin mining and selling activities.
Furthermore, Lukansheko will also review the need for having a dedicated digital economy industry for the growth of Belarus’ FinTech sector. The final decision for this is likely to arrive by Q2 2019.
The new measures indicate that the Belarusian president wants to cement the country’s position and image in being the promoter of innovative technology. The formation of the Hi-Tech Park is seen as the country’s efforts to reduce their economic dependence on oil and gas.
The country is closely observing the changing global trends. It is thus leveraging the growing popularity of Bitcoin and cryptocurrencies to take advantage of an ever growing technological revolution.
