Pakistan has announced significant bitcoin plans under the guidance of Binance founder Changpeng Zhao. However, the country faced challenges with the IMF’s rejection.
Bitcoin Mining Plans in Pakistan
Just three days after Changpeng Zhao's appointment, Bilal Bin Saqib, chairman of the Pakistan Crypto Council, announced that the country plans to allocate a portion of its surplus electricity for bitcoin mining and AI data centers.
IMF Rejection of Electricity Subsidies for Mining
The International Monetary Fund (IMF) has rejected Pakistan’s proposal to offer subsidized electricity tariffs for crypto mining. The IMF cited potential strain on the country's power grid, increased load, legal uncertainties, and a lack of prior consultation.
Pakistan's Optimism and Future Steps
Energy Minister Dr. Fakhray Alam Irfan stated that talks are ongoing, adding, "IMF did not accept our Bitcoin plans. However, this shows that Pakistan is determined to align its energy plan with global standards and recommendations." The initiative aims to allocate 2,000 MW of electricity for crypto mining and data centers to attract foreign investment.
Despite the IMF's rejection, Pakistan continues its efforts to embrace cryptocurrency technologies, reflecting the country's desire to modernize its energy sector.
