The Khyber Pakhtunkhwa government announced their plan to build two cryptocurrency farms powered by hydroelectric machines last Wednesday, March 17 at the KP Crypto Advisory Committee conference.
This mining project will be a part of the new cryptocurrency policy being developed by the federal committee. Moreover, due to crypto mining farms requiring large investments, the advisor to the provincial government on science and technology, Zia Ullah Bangash, stated on Twitter that they would be consulting stakeholders and experts for this project.
‘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,’ Bangash wrote.
Currently, the cost of building these ‘mining farms’ remains unknown, but Bangash stated that many potential investors have already been approaching them regarding crypto mining. In addition, Bangash stated that the project can be used to generate profit for the government.
‘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,’ Bangash added.
While mining and trading cryptocurrencies are still in a grey area in Pakistani laws, the provincial government is planning to provide a path towards legalizing the sector before it can be opened to investors.
Nevertheless, with apps like Binance and Coinbase being some of the most popular downloads in the country, mining and trading in cryptocurrencies continue to thrive in Pakistan.
‘It’s really just our government that is not participating right now, people all over Pakistan are already working on this, either mining or trading in cryptocurrencies and they are earning an income from it,’ Bangash said.
‘We are hoping to bring this to a government level so things can be controlled and online fraud or other scams can be prevented,’ he added.
This press release by the Khyber Pakhtunkhwa government was made due to cryptocurrencies gaining mainstream acceptance, with Bitcoin’s price reaching record levels as investors such as Elon Musk continue to promote digital assets and the U.S. bank, Morgan Stanley, offer its wealth management clients access to bitcoin resources.
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