Belarus Bets Big on Crypto Mining to Reduce Dollar Dependence
Belarus is doubling down on cryptocurrency mining as part of a bigger plan to reduce reliance on the US dollar, President Aleksandr Lukashenko announced during a high-level meeting on energy policy.
Speaking in Minsk on November 14, Lukashenko said global efforts to move away from the dollar are accelerating, and cryptocurrency will play a major role in that shift.
“The whole world is trying to move away from relying on one currency — the dollar. This process will intensify. Cryptocurrency is probably one of the options,” he said.
Belarus is building its crypto mining strategy around its surplus nuclear power, generated from the 2,400-megawatt Belarusian Nuclear Power Plant, which reached full capacity in late 2023.
With the excess power now available, mining firms especially from Russia and China are showing interest due to the newly introduced discounted electricity tariffs.
Earlier in March, Lukashenko instructed the Energy Minister to channel the surplus energy into digital asset production. He also hinted at creating a national crypto reserve, inspired partly by developments in the US, where President Donald Trump announced plans for an American Bitcoin reserve.
The new nuclear capacity has also solved previous electricity shortages that made it difficult to attract mining companies to the country’s Hi-Tech Park.
Beyond mining, Belarus is also preparing to roll out its Central Bank Digital Currency (CBDC) by late 2026.
Businesses will be onboarded first, followed by government institutions and citizens in 2027.
The project is closely coordinated with Russia’s own CBDC development — although Russia has pushed its launch to mid-2026 due to technical delays. Both nations see CBDCs as tools for bypassing sanctions and developing new payment systems.
Belarus’ move aligns with major global shifts away from the US dollar:
• China and Russia have begun settling some energy trades using Bitcoin and other digital assets.
• Bolivia is exploring crypto-based electricity imports.
• After the Trump administration announced steep tariffs on Chinese imports, Bitcoin immediately surged 5.6% to $81,636, showing its growing role as a hedge during geopolitical shocks.
A temporary tariff war between the US and China later eased, but the impact was clear that confidence in the dollar is weakening.
Asia’s billionaires and high-net-worth investors are reacting quickly to global uncertainty:
• They now hold over 15% of their wealth in cryptocurrencies and gold.
• Crypto adoption jumped from 58% in 2022 to 76% in 2025 among Asian family offices.
• Many increased their crypto allocation from under 5% to more than 10%.
• Singapore leads the trend, with 57% planning to expand their crypto investments over the next two years.
UBS executive Amy Lo says the shift is driven by concerns about dollar stability and a desire for assets that can withstand global financial shocks.
Asia’s wealthy class is on track to grow from $2.7 trillion in 2021 to $3.5 trillion in 2026, meaning crypto adoption in the region will continue rising.
Belarus isn’t just experimenting, it is positioning itself as a global crypto mining powerhouse, backed by their nuclear energy and supported by a global movement away from dollar dominance.