Pakistan’s Push for Crypto Mining and Blockchain Data Centers
Pakistan is moving forward with its crypto-friendly policies and initiatives to attract crypto mining operations and blockchain data centers to the country. The newly formed Pakistan Crypto Council (PCC) recently held its first meeting where members discussed leveraging the country’s surplus energy for mining Bitcoin and other Proof-of-Work coins.
Utilizing Surplus Energy for Mining Operations
During the meeting, PCC CEO Bilal Bin Saqib presented a proposal to use Pakistan’s excess energy to power Bitcoin mining operations. This innovative strategy could potentially turn the country’s energy surplus into economic assets by generating revenue from otherwise wasted energy.
Strategic Importance of Crypto Mining
Finance Minister Muhammad Aurangzeb, who presided over the meeting, emphasized the strategic importance of this initiative for Pakistan’s digital transformation. He highlighted the government’s commitment to creating a transparent and future-ready financial ecosystem that attracts investment and empowers the youth, stating, “This is the beginning of a new digital chapter for our economy.”
Embracing a Digital Economy for Pakistan
The PCC, established earlier this month, aims to integrate crypto and blockchain technologies into Pakistan’s financial ecosystem while developing a comprehensive regulatory framework for the sector. This aligns with Pakistan’s broader efforts to become a competitive player in the global digital economy.
Attracting Global Crypto Miners
By offering attractive electricity tariffs without subsidies, the government hopes to attract global crypto miners and ensure a stable energy supply for the industry. This approach could also help reduce payments to power producers for unused energy and create new economic opportunities.
Importance of Regulatory Clarity
While council members support the initiative in principle, they stress the need for a national blockchain policy that provides regulatory clarity first. They also recommend a slow rollout with multiple pilot programs to ensure the success of the initiative.
