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What would the re-election of Alexander Lukashenko mean for cryptocurrencies?

August 11, 2020

Protests broke out in Belarus after the presidential elections on SundayHowever, the possible continuation of Alexander Lukashenko’s presidency could be good news for cryptocurrencies.

According to reports Lukashenko won re-election against opposition candidate Svetlana Tikhanovskaya in a landslide victory with more than 80% of the vote on August 9th.. However, officials in many countries and in Belarus condemn the election results as flawed, with falsified voting reports.

The last dictator in Europe

The president of the Eastern European nation has been in office since 1994. During that time, he has made several statements for blockchain technology. since the legalization of cryptocurrencies and the first coin offers in December 2017.

What would the re-election of Alexander Lukashenko mean for cryptocurrencies?What would the re-election of Alexander Lukashenko mean for cryptocurrencies?

In one Video April 2019 by Lukashenko in front of a crowd, The president proposed using excess energy from the country’s first nuclear power plant, which is slated to be completed in late 2020, to mine cryptocurrencies like Bitcoin (BTC) and sell them.

His words were greeted with laughter from the audience, but the Bitcoin optimist Anthony Pompliano answered them saying “Every country will be a miner and every country will have bitcoin”.

Legislation on cryptocurrency

Belarus has not been at the forefront of cryptocurrency and blockchain technology debates around the worldBut the nation has made some legislative changes.

In March, a state agency in Belarus asked lawmakers to authorize the seizure of cryptocurrencies from criminals. According to reports The country’s central bank is also setting up a program that will allow commercial banks and state banks to launch tokens and conduct business such as exchanging cryptocurrencies.

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