Today in the cryptocurrency landscape, Pakistan’s newly established Crypto Council has put forth a plan to mine Bitcoin using surplus, runoff energy. Meanwhile, analysts predict ongoing pressure on the markets due to trade disputes extending into April, and Tether is in negotiations with a top-tier accounting firm to carry out a comprehensive financial audit.
### Newly Established Pakistan Crypto Council Advocates for Bitcoin Mining with Surplus Energy
At its first meeting on March 21, the recently formed Crypto Council of Pakistan suggested the idea of mining Bitcoin with excess energy as part of various policy proposals aimed at creating a solid regulatory framework for digital assets in the nation.
The meeting was attended by the governor of the Bank of Pakistan, the chair of the Securities and Exchange Commission (SECP), the federal IT secretary, and several lawmakers.
Before the meeting, Bilal bin Saqib, the council’s CEO, expressed his vision on March 20, saying:
“Pakistan is ready to take a proactive role! We aspire for Pakistan to become a leader in blockchain-based finance. With 60% of our population under 30, we possess a low-cost, high-growth market and a talented web3 workforce eager to innovate.”
This initiative marks a significant shift from the previous stance of the Pakistani government, which had aimed to impose restrictions on cryptocurrency and trading activities.
### Analysts Forecast Ongoing Market Pressure from Trade Wars Until April
Despite several encouraging developments in the crypto realm, analysts warn that fears surrounding global tariffs will likely continue to weigh on the markets at least until April 2. Nicolai Sondergaard, a research analyst at Nansen, indicated that risk assets may remain directionless until these tariff issues are resolved, which could occur between April 2 and July, potentially acting as a positive catalyst for the market.
The anticipated reciprocal tariff rates from the Trump administration are expected to come into effect on April 2, despite Treasury Secretary Scott Bessent’s earlier remarks suggesting a possible delay in their implementation.
### Tether Pursues Big Four Accounting Firm for Comprehensive Financial Audit
Tether, the issuer of the stablecoin, is reportedly in talks with a major accounting firm to conduct an audit of its asset reserves, ensuring that its USDT stablecoin is backed at a 1:1 ratio.
Tether’s CEO, Paolo Ardoino, mentioned that greater support from a pro-crypto administration under President Trump would facilitate the audit process. This move follows rising concerns within the industry about a potential liquidity crisis similar to that of FTX, stemming from Tether’s lack of third-party audits.
“If the President of the United States prioritizes this, the major accounting firms will certainly pay attention, and we are really pleased with that,” Ardoino remarked on March 21.
He emphasized that obtaining a full independent annual audit is crucial, as Tether is currently only reporting on a quarterly basis. However, Ardoino did not disclose which of the four leading accounting firms—PwC, EY, Deloitte, or KPMG—would be engaged for this pivotal audit.