In this news:
ISLAMABAD: Pakistan plans to allocate part of its surplus electricity to Bitcoin mining and AI data centres, the head of Pakistan’s Crypto Council and adviser to the finance minister said on Wednesday, adding it had held talks with several mining firms.
Pakistan’s energy sector is grappling with challenges, including high electricity tariffs and surplus generation capacity.
The rapid expansion of solar energy has further complicated the landscape, as more consumers turn to alternative energy sources to mitigate high costs.
Bilal Bin Saqib, chief executive officer of the council, told Reuters the location of the mining centre will be finalized based on the availability of excess power in specific regions.
Documents seen by Reuters outline the role of Changpeng Zhao, founder of Binance, who will serve as a strategic adviser to the Pakistan Crypto Council.
Zhao was in May last year sentenced to four months in prison after pleading guilty to violating U.S. laws against money laundering at the world’s largest cryptocurrency exchange.
Pakistan to legalize cryptocurrency to attract foreign investment, Bilal tells Bloomberg
His role on the Pakistan council will include supporting blockchain infrastructure, advising on regulatory frameworks, and assisting with national initiatives, such as digital currency, mining, and youth education in blockchain technologies.
Saqib said the country has 15-20 million crypto users and is the third-largest global freelancer economy, with a growing fintech space.
“Pakistan is in the top 10 global crypto adopters despite it not being regularised,” he said.
Saqib said he wants regulatory sandboxes, or safe environments for testing, to foster innovation and growth in the fintech and freelancer economy.
He also said upskilling Pakistan’s youth in blockchain and AI can drive job creation and the economy, boosting exports through digital services, and positioning the country as a hub for emerging tech talent on the global stage.
.png)
