Pakistan Explores Bitcoin Mining to Boost Economic Growth

According to ShibDaily, the CEO of the Pakistan Crypto Council, Bilal Bin Saqib, has proposed utilizing the country's surplus energy for Bitcoin mining, suggesting that this untapped resource could drive economic development. Saqib presented this idea during the council's inaugural meeting on March 21, highlighting the potential advantages of incorporating cryptocurrency mining into Pakistan's energy framework. The initiative seeks to establish clear guidelines for cryptocurrency operations, aiming to attract both local and international investors to Pakistan's burgeoning digital economy. The meeting was attended by prominent figures, including lawmakers, the Governor of the Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal IT Secretary. Senator Muhammad Aurangzeb, speaking at the event, stated, "This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies." The formation of the Crypto Council represents a significant policy shift, moving away from the government's previous resistance to digital assets. In May 2023, then-Minister of State for Finance and Revenue, Aisha Ghaus Pasha, had declared that Pakistan had no intentions to legalize cryptocurrencies, citing concerns over anti-money laundering regulations and the country's obligations to the Financial Action Task Force (FATF). However, Pakistan's stance on cryptocurrencies has undergone a substantial transformation, partly influenced by the U.S. presidential elections. On November 4, 2024, the government made a pivotal decision by introducing regulations to recognize cryptocurrencies as legal tender through amendments to the State Bank of Pakistan (SBP) Act. These changes would empower the central bank to issue and regulate digital currencies, marking a significant departure from its earlier position. The proposed framework aims to formalize the use, trading, and management of virtual assets within the country, ensuring that digital currencies are backed by the Pakistani Rupee. This regulatory initiative is viewed as a step towards attracting global investment and fostering a structured crypto ecosystem in Pakistan.