Pakistani Plans To Build Mining Crypto currencies Farms


PESHAWAR, Pakistan – Khyber Pakhtunkhwa the province of Pakistan is planning to build two hydroelectric-powered pilot “crypto mining farms” to capitalize on a bullish global mining crypto currencies and market, a minister overseeing a new government crypto policy. 

The announcement results in mainstream acceptance for mining crypto currencies. Bitcoin’s price reaching record levels with massive investments made by Elon Musk, the first big U.S. bank, Morgan Stanley, offering its wealth management clients access to bitcoin funds.

Large investments and a vast amount of power are involved in computer data centers for cryptocurrency mining.  

Pakistan has formed a federal committee to formulate a new crypto policy, even as neighboring India is planning to ban cryptocurrency mining entirely. The cost of the mining crypto currencies project has yet to be determined.

“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,” Zia Ullah Bangash, said by the advisor of the provincial government on science and technology. 

In Pakistan, both mining and trading in cryptocurrencies currently exist in a legal area so, federal authorities would have to provide a clear path towards legalizing the sector before it could be formally opened to investors.

In 2018, the state bank of Pakistan didn’t label the cryptocurrencies a legal tender, and the regulator had not authorized anyone to deal in them in the country. Pakistan also is currently on the global Financial Action Task Force grey list, and the global money-laundering watchdog has asked one of the areas of Islamabad to better regulate is cryptocurrencies. 

With apps like Binance and Coinbase among the most popular downloads in the country, still thrives mining crypto currencies and trading in Pakistan, according to web analytics company SimilarWeb

“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. “We are hoping to bring this to a government level so things can be controlled and online fraud or other scams can be prevented.”

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James Robert is a journalist who covers all the social media and tech-related news for SG-educate, the world's largest multimedia news agency. He reports on tech from all over the world, focusing mostly on social media platforms. He has worked as a digital editor and online coverage of global breaking news on tech and big stories, reaching millions of readers across multiple platforms.

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