The Likely Implication of Alexander Lukashenko’s Re-Election to The Crypto Environment

There is tension in Belarus’s crypto community at the moment because the final outcome of the election result between Svetlana Tikhanovskaya and the sitting president, Alexander Lukashenko, is yet to be known.

The election between the two was held on Sunday. The crypto community would want the sitting president to remain in power so as to continue his support for them but they don’t know how Svetlana Tikhanovskaya will treat them if he wins.

It was first announced that the sitting president’s votes were more than 80% above his opponent’s on August 9 but many officials in the country and abroad claim that the results were rigged.

The only authoritarian in Europe

The sitting president has been in office since 1994. The crypto community loves him because it was during his time that cryptocurrencies were legalized and ICOs were approved.

In April last year, President Lukashenko promised to support crypto mining with electricity that would be supplied from the nuclear power plant by the time it is completed in 2020.

Although people didn’t believe him, Anthony Pompliano addressed the doubters on his tweeter account saying: “every country will be mining and every country will be holding Bitcoin.”

Regulating crypto

Although not much is known about Belarus when crypto is mentioned in the world today, the country has been quite busy with crypto regulation.

It was considered sometime in March that cryptocurrencies found in the hands of criminals should be seized. Also, the central bank is planning to enable commercial banks and those owned by the state to launch tokens and serve as crypto exchanges to the public.

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