PESHAWAR: The Khyber Pakhtunkhwa government has planned to set up two hydropower-powered ‘mining farms’ to take advantage of the growing global cryptocurrency market.
According to the details, this was confirmed by the minister who looks after the new government’s crypto policy in a conversation with the British news agency Reuters.
The announcement comes at a time when cryptocurrencies are becoming more centralized and the value of the bitcoin is hitting record levels as investors such as Elon Musk have invested in it. Morgan Stanley, America’s first major bank, has offered its wealthy clients access to bitcoin funds.
Keep in mind that crypto mining farms involve huge investments in computer data centers, which require a large amount of electricity.
Pakistan has formed a federal committee to formulate a new crypto policy while neighboring India is planning a complete ban on corrupt currencies.
The cost of the said mining project has not been determined yet.
In this regard, Provincial Advisor for Science and Technology Ziaullah Bangash said that people are already contacting us for investment and we want them to come to Khyber Pakhtunkhwa, earn some money from it and the provinces Earn from
Both mining and trading in cryptocurrencies in Pakistan are currently in the legal gray area, while federal officials must provide a clear path for legalizing the sector before investors can formally open it.
In 2018, the State Bank of Pakistan had said that the cryptocurrency was not a legal tender and the regulator had not authorized anyone in the country to deal in it.
Pakistan is currently on the gray list of the Global Financial Action Task Force and one of the areas given to Islamabad by the international body is to better regulate cryptocurrencies.
According to Smaller Web, a web analytics company, mining, and trading in cryptocurrencies is still booming in Pakistan, and Binance and Coinbase are among the most downloaded apps in the country.
Ziaullah Bangash said that this is actually only our government that is not involved in it at the moment otherwise people from all over Pakistan are already working in mining or trading in cryptocurrencies and they are earning from it.
“We want to bring it to the government level so that things can be controlled and online fraud and other scams can be avoided,” he said.