Pakistani Province Planning to Build Two Hydroelectric-Powered Crypto Mining Farms
It’s just the government not participating right now; people are all over trading and mining cryptocurrencies.
In order to capitalize on the cryptocurrency market, the Pakistani province of Khyber Pakhtunkhwa is planning to build two hydroelectric-powered pilot “mining farms.”
The cost of the mining project hasn’t been determined yet, reported Reuters, citing a minister overseeing a new government crypto policy.
The country has also formed a federal committee to prepare a new crypto policy.
“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,” said Zia Ullah Bangash, an advisor to the local government on science and technology.
Federal authorities, however, have to first legalize the sector before it could be formally opened to investors.
Back in 2018, the State Bank of Pakistan said cryptos weren’t legal tender and that they had not authorized anyone to deal in them.
“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,” Bangash said.
The idea is to bring this to the government level so that things can be better controlled and online fraud and scams can be prevented.
Pakistan is on the grey list of the global Financial Action Task Force, and cryptocurrency is one of the areas the global money-laundering watchdog has asked them to better regulate.