Pakistan announces national Bitcoin mining

"Providing 2000MW Energy to Mining Industry and Tax Exemption"
"Aimed at Resolving Energy Waste and Attracting Foreign Capital Investment"

On the 25th, the Pakistan Ministry of Finance announced its plan to enter national-level Bitcoin mining by providing approximately 2000 megawatts (MW) of national surplus electricity to Bitcoin mining facilities and artificial intelligence (AI) data centers.

Foreign news channel 24 News HD TV reported that the Pakistan Ministry of Finance plans to operate Bitcoin mining facilities and AI data centers to solve energy waste issues within the country and attract foreign investment.

In March, Bilal Bin Saqib, CEO of the Pakistan Cryptocurrency Council, proposed providing national surplus energy to the Pakistani government for innovation in the Bitcoin mining industry, and this proposal was accepted.

The Pakistan Ministry of Finance additionally promised tax exemptions for Bitcoin mining facilities and AI data centers. Bilal Bin Saqib, CEO of the Pakistan Cryptocurrency Council, stated, "The Ministry of Finance promised tax exemptions for Bitcoin mining, which will be a turning point for Pakistan's digital economy."

Muhammad Aurangzeb, Pakistan's Finance Minister, emphasized, "By providing national energy, we will attract billions of dollars in foreign investment while creating jobs in advanced industries."

Meanwhile, Pakistan approved the establishment of a dedicated agency for regulating the domestic cryptocurrency industry on the 21st. The Ministry of Finance announced the establishment of the Pakistan Digital Assets Authority (PDAA), which will regulate cryptocurrency exchanges, custodial institutions, wallets, tokenization platforms, stablecoins, and DeFi industries.

Reporter Seung-won Kwon ksw@blockstreet.co.kr