Pakistani government ventures into hydro-powered bitcoin mining

According to Reuters, Pakistan is considering to build Bitcoin and other cryptocurrency mining farms. As part of a pilot program, the Pakistani government seeks to benefit from the current rally in the crypto market.

Partly for the favorable weather conditions but more importantly, energy availability, the mining farms will be based in the province of Khyber Pakhtunkhwa and are to be powered by two hydroelectric power plants.

Zia Ullah Bangash, advisor to the Khyber Pakhtunkhwa province on science and technology commented:

“People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well.”

The Pakistani government have also recently created the “KP Crypto Advisory Committee” to come up with a “new crypto policy”. Until now, the country’s legal and regulatory framework has been quite hostile towards digital currency. However this is looking to change with the government getting involved.

Bangash said:

It’s really just our government that is not participating right now, people all over Pakistan are already working on this, either mining or trading in cryptocurrencies and they are earning an income from It. We are hoping to bring this to a government level so things can be controlled, and online fraud or other scams can be prevented.

The KP Crypto Advisory Committee committee had their first meeting on March 17 and two subcommittees were formed.

Despite a relatively hostile environment towards the crypto industry in Pakistan, mining and trading in cryptocurrencies thrives in Pakistan. Apps of crypto-exchanges Binance and Coinbase among the most popular downloads in the country, according to web analytics company SimilarWeb.

Its neighbouring country India might soon ban all trading activities related to cryptocurrencies. While this still remains to be seen, the possibly of a ban has not (yet) affected overall interest in cryptocurrency in India and people remain active and ‘hodling’ on.

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