Belarusian President Alexander Lukashenko’s remark on boosting crypto mining to “move away from the dollar” has sparked some discussion in the crypto industry. His bold strategic move aims to promote crypto mining and reduce dependency on the US dollar.
“Our entire world is now grappling with a global problem, namely, moving away from dependence on a single currency, the dollar.” This was what the President told officials during a government meeting on energy policy.
Also, he has clearly insisted that the country should utilize the surplus nuclear power to expand crypto mining.
Alexander Lukashenko’s pro-crypto voices
Alexander Lukashenko has been vocal about using cryptocurrency in the country, alongside calling for a clear regulatory framework for digital assets. In March 2025, Lukashenko ordered the Energy Minister to set up crypto-mining initiatives, pointing out the fact that Belarus has excess electricity to operate mining. Most recently, the President urged banks and financial regulators to use cryptocurrencies and consider virtual assets as a key component for economic growth.
How can crypto mining help de-dollarize?
It is important to connect the dots between crypto mining and how it helps to break dependence on the dollar. When Lukashenko mentioned de-dollarization, he meant to reduce the country’s reliance on the US-backed financial system.
If Belarus mines crypto, it gets coins that can be sold globally and exchanged for euros, rubles, or other currencies. So, mining is a method to generate revenue through global transfers without depending on the dollar system.
Moreover, as mentioned, Belarus has excess electricity, with which it can mine crypto and monetize energy outside the dollar economy. In other words, if a country has excess energy, it usually sells it to other countries and gets paid in dollars. However, if that electricity is used for crypto mining, the country can earn revenue as crypto enthusiasts begin buying the mined coins.
Mining cryptocurrencies gives a country an alternative reserve asset other than bonds, Treasury bills, or commodities. These reserve assets are independent of the US and not controlled by the governments of other countries.
All these reasons are significant to point out that mining crypto can reduce depending on the dollar. Worth noting, Alexander Lukashenko’s remarks come amid the growing dominance of the US dollar in the crypto market.
