Pakistan is moving forward with its pro-crypto policies, aiming to attract cryptocurrency mining operations and blockchain data centers. During the inaugural meeting of the newly established Pakistan Crypto Council (PCC) on Friday, members explored the idea of utilizing the nation’s surplus energy for mining Bitcoin and other Proof-of-Work cryptocurrencies.
PCC CEO Bilal Bin Saqib introduced the proposal to harness Pakistan’s excess energy for Bitcoin mining activities. This initiative has the potential to convert the country’s energy excesses into valuable economic assets by generating income from energy that would otherwise go to waste.
The meeting was chaired by Finance Minister Muhammad Aurangzeb, who underscored the significance of this initiative in furthering Pakistan’s digital transformation. He remarked on the government’s dedication to establishing a transparent and future-oriented financial ecosystem that attracts investment and empowers the youth, declaring, “This marks the start of a new digital chapter for our economy.”
Fostering a Digital Economy for Pakistan
Founded earlier this month, the PCC aims to incorporate cryptocurrency and blockchain technologies into Pakistan’s financial landscape, alongside creating a robust regulatory framework for the sector.
As Bitcoin mining depends on powerful computers to execute complex mathematical tasks, it is an energy-intensive endeavor, which makes it particularly suitable for utilizing surplus electricity.
This initiative aligns with Pakistan’s broader ambition to enhance its position in the global digital economy. By offering enticing electricity rates without subsidies, the government seeks to attract international crypto miners and ensure a stable energy supply for the industry. This strategy could also lead to reduced expenses to power producers for unutilized energy and open up new economic prospects.
While there was general support for the initiative among council members, they highlighted the necessity of establishing a national blockchain policy that delivers regulatory clarity upfront and emphasized the importance of a gradual rollout complemented by various pilot programs.