The Pakistani province of Khyber Pakhtunkhwa aims to pilot crypto mining
- Per Zia Ullah Bangash, the province launched this project due to increasing investor interest.
- While Pakistan does not have clear crypto rules, its citizens are actively dealing with crypto.
- Bangash believes that the government’s involvement in crypto would help minimise fraud.
Khyber Pakhtunkhwa, a province in Pakistan, is gearing up to build two hydroelectric-powered pilot crypto mining farms. A report unveiled this news on March 18, citing a minister supervising a newly-developed government crypto policy committee. Reportedly, this pilot program aims to test the feasibility of tapping into the bullish crypto market. However, the minister failed to disclose how much the province would have to part with to complete the development of this project.
Allegedly, Pakistan has created a federal committee to come up with new crypto policies. At the moment, crypto trading and mining run on a legal gray area in the country. As such, the committee would have to work swiftly to offer clear regulatory insights before the province officially opens the mining farms to investors.
Crypto continues thriving in Pakistan despite the legal uncertainty
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Per the advisor to the provincial government on science and technology, Zia Ullah Bangash, legal uncertainty, regarding crypto mining and trading, has not prevented Pakistani citizens from trying to get a share of the crypto cake. He added that the government is the only one left out, seeing as Pakistanis are currently trading and mining crypto and making profits from the nascent sector. Bangash went on to note that he and his team hope to bring the government up to speed on crypto to prevent incidents of online fraud, among other crypto-related scams.
Showing how serious the province is about crypto, the Khyber Pakhtunkhwa Crypto Advisory Committee held a meeting on March 17 to consult with stakeholders and crypto experts to ensure the project is a success. During the meeting, the committee members decided that it would be wise to create sub-committees to better address the various associated with the blockchain and crypto spaces.
According to a tweet by Bangash, the advisory committee agreed to form three sub-committees. These are a blockchain committee, a technical committee, and a coordination committee. Reportedly, the blockchain committee would review technical matters whereas the coordination committee would discuss policies with stakeholders, the State Bank of Pakistan (SBP), the Federal Bureau of Revenue (FBR), as well as other relevant agencies.