Pakistan ramps up crypto-friendly efforts with plans for energy-efficient Bitcoin mining
Pakistan is pressing ahead with its crypto-friendly policies and plans to entice crypto mining operations and blockchain data centers to its shores. At the newly formed Pakistan Crypto Councils (PCC) first meeting on Friday, members discussed channeling the countrys surplus energy to mine Bitcoin and other Proof-of-Work coins.
PCC CEO Bilal Bin Saqib presented the surplus energy proposal, which involves utilizing Pakistans excess energy to power Bitcoin mining operations. This strategy could potentially transform the countrys energy liabilities into economic assets by generating revenue from otherwise wasted energy.
Presiding over the meeting was Finance Minister Muhammad Aurangzeb, who emphasized the strategic importance of this initiative for Pakistans digital transformation. He stated, highlighting the governments commitment to building a transparent and future-ready financial ecosystem that attracts investment and empowers youth.This is the beginning of a new digital chapter for our economy,
Embracing a digital economy for Pakistan
The PCC was established earlier this month and aims to integrate crypto and blockchain technologies into Pakistans financial ecosystem while developing a comprehensive regulatory framework for the sector.
Since Bitcoin mining requires powerful computers to perform complex mathematical computations, it is a notouriously energy-intensive process that makes it an ideal use case for surplus electricity.
The plan aligns with Pakistans broader efforts to become a competitive player in the global digital economy. By offering attractive electricity tariffs without subsidies, the government aims to attract global crypto miners and establish a stable energy supply for the industry. The approach may also help reduce payments to power producers for unused energy and create new economic opportunities.
While other council members were in support of the initiative in principle, they urged the importance of a national blockchain policy that provides regulatory clarity first and stressed the need for a slow rollout with numerous pilot programs.
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Text source: CryptoSlate
