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:
“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.”
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.
