Pakistan Explores Bitcoin Mining with Excess Energy
Pakistan Eyes Bitcoin Mining with Surplus Energy
The Pakistan Crypto Council (PCC), during its inaugural meeting on March 21, proposed a novel initiative: utilizing the country's excess energy to power Bitcoin (BTC) mining. This proposal, spearheaded by CEO Bilal Bin Saqib, marks a significant shift in Pakistan's approach to cryptocurrency.
According to The Nation, the PCC is actively developing comprehensive regulatory frameworks for cryptocurrencies. The goal? To attract foreign investment and establish Pakistan as a regional cryptocurrency hub. This initiative involved key figures, including lawmakers, the governor of the Bank of Pakistan, the chairman of the Securities and Exchange Commission (SECP), and the federal information technology secretary. Senator Muhammad Aurangzeb stated, “This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment and puts Pakistan on the global map as a leader in emerging technologies.”
A Change in Stance
This proactive approach contrasts sharply with previous government statements. In May 2023, former Minister of State for Finance and Revenue, Aisha Ghaus Pasha, declared that crypto would never be legalized in Pakistan, citing anti-money laundering concerns under the Financial Action Task Force (FATF).
Following the US Lead?
Pakistan's move towards cryptocurrency regulation aligns with recent developments in the United States. Following President Trump's re-election and the establishment of the Working Group on Digital Assets, the US has taken significant steps towards pro-crypto policies. These include the creation of a Bitcoin strategic reserve, further solidifying the growing global acceptance of Bitcoin.
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The Future of Crypto in Pakistan
The PCC's proposal suggests a future where Pakistan could leverage its energy resources to become a significant player in the global Bitcoin mining landscape. This initiative's success hinges on the development of robust regulatory frameworks that balance innovation with the need to mitigate risks. The international crypto community will be closely watching Pakistan's progress in this area.