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Home News Regulation News

Pakistan province is taking “serious steps” to pilot crypto mining farms

Ibiam Wayas by Ibiam Wayas
Mar 18, 2021 11:21 am
in Regulation News
2 min read
Pakistan province is taking “serious steps” to pilot crypto mining farms
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TL;DR Breakdown

  • Pakistan province KP is looking to establish two cryptocurrency mining farms. 
  • Among other things discussed by the committee, the government also plans to create a new crypto policy. 

Amid the burgeoning cryptocurrency market, the government of Khyber Pakhtunkhwa, a province in Pakistan, is looking to pilot cryptocurrency mining farms. Besides mining digital currencies, the Pakistan province wants to formulate a policy to regulate cryptocurrencies. A committee has already been set up to oversee the crypto policy, according to the report on Thursday by Reuters. 

Pakistan province KP to begin crypto mining

The Khyber Pakhtunkhwa government is reportedly planning to pilot two cryptocurrency farms that will be powered by hydroelectric. The first meeting of the KP Crypto Advisory Committee was held on Wednesday. However, the Pakistan province is yet to finalize the cost of the digital currency mining project. The advisor to the provincial government on science and technology, Zia Ullah Bangash, said on Twitter:

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“The KP Government on the directions and guidance of chief minister Mahmood Khan is taking serious steps regarding cryptocurrency and mining. We’re consulting with all stakeholders and experts for this initiative.”

During the meeting of advisory committee, it was decided that sub-committees would be formed to deal with various issues. Blockchain committee, technical committee and a coordination committee were set up to assist and provide technical support to main committee. #Cryptocurrency pic.twitter.com/sOhtQvHBpd

— Zia Ullah Bangash (@ZiaBangashPTI) March 17, 2021

Khyber Pakhtunkhwa is the first Pakistan province that has made such a move towards the digital currency sector. “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 Bangash.

Pakistan to regulate crypto 

The Pakistan federal authorities are yet to provide a clear path to legalizing digital currencies in the country. However, the authorities have announced plans to regulate the space on several occasions. As of November 2020, Cryptopolitan reported that Pakistan Securities and Exchange Commission (SECP) was considering creating a regulatory framework to govern digital currency trading.

Tags: cryptomarketPakistan
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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