Would Political Tension Impact Crypto Community in Belarus?

Belarus has always been in the limelight for its optimism towards cryptocurrencies. With Political tensions around, the impact on Crypto is to be seen.

By · Aug 13, 2020 . 6min read

Political tension in Belarus
Source : Unsplash

Belarus has always been in the limelight for its optimistic attitude towards cryptocurrencies and blockchain technology. A Belorussian state investigative authority urged lawmakers in March for the administration to embrace cryptocurrency from criminals. The country’s central bank is also reportedly setting up a program to allow commercial and state-owned banks to launch tokens. It will also enable the inception of businesses as crypto exchanges.

Belarus tried to utilize cryptocurrencies and develop a progressive attitude towards cleaning the country’s reputation for technological innovation by the cryptocurrency community. This delighted the crypto users and the community. Crypto was usually referred to as criminals and connected with anything as bland as terrorism and money laundering. This resulted in a maximum of nations to ban cryptocurrencies.

Political Conflicts in Belarus Impacts Crypto Community

On Aug 9, Alexander Lukashenko won against opposition candidate Svetlana Tikhanovskaya in a landslide victory with more than 80% of the vote. But officials of Belarus are denouncing the election results as distorted. Protests have started in Belarus following the re-election of the country’s authoritarian president. 

The protests continued, notwithstanding a massive police crackdown that indicated a warning of possible European Union sanctions. Moreover, more clashes erupted between the protesters and police who used stun grenades and rubber bullets to disperse the crowds continued well into the night. Police continued to detain people in an attempt to quell unrest. This is the time to witness what happens to bitcoin and cryptocurrencies during political tensions.

The famous Belorussian president has fulfilled his role since 1994. He has made various comments in favour of blockchain technology. Alexander Lukashenko legalized cryptocurrency and ICOs in Dec. 2017. In an April 2019 video of Lukashenko addressing a crowd, went viral on social media sites. Alexander Lukashenko recommended utilizing excess energy from the country’s first nuclear power plant. The programme is supposed to complete at the end of 2020 to mine cryptocurrencies like Bitcoin and sell them. 

 Belarus seemed like a government that was more receptive to cryptocurrencies. But with political tension amidst elections has forced the citizens to analyze the perks and perils of crypto. Notwithstanding the impending complications from Europe’s last dictator continuing his leadership, the country appears inclined to take crypto mainstream in its borders.

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