The Pakistan Crypto Council proposes strategies for Bitcoin mining using the country’s unused energy.
According to The Nation, Pakistan aims to utilize the country’s surplus energy for Bitcoin mining operations. The initiative was presented during the first official meeting of the Pakistan Crypto Council (PCC), held on March 21 under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
During the inaugural meeting, Bilal Bin Saqib, CEO of the Pakistan Crypto Council, outlined a comprehensive vision for the future of cryptocurrencies in the country, particularly highlighting the opportunity to leverage Pakistan’s surplus electricity for Bitcoin mining activities.
At the event, Senator Muhammad Aurangzeb stated:
“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.”
A political shift
The formation of the Crypto Council represents a change in the Pakistani government’s stance on digital assets. In May 2023, former Minister of State for Finance and Revenue, Aisha Ghaus Pasha, publicly stated that cryptocurrencies would never be legalized in Pakistan, citing concerns related to anti-money laundering regulations and FATF compliance.
However, on November 4, coinciding with the U.S. presidential elections, Pakistan initiated the process to regulate cryptocurrencies as legal tender.
The potential of mining in Pakistan
The meeting was attended by key figures in Pakistan’s economic and political landscape, including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission (SECP), and the Federal Secretary of IT, all of whom are members of the PCC.
Minister Aurangzeb emphasized that while Pakistan can learn from global best practices, it is crucial for business and revenue models to be firmly rooted in local realities. He also highlighted the need to build upon the work already done by various entities, leveraging their knowledge and experience to develop a comprehensive and responsible regulatory framework focused on attracting foreign investment and positioning Pakistan as a major hub for digital assets.
