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Pakistani Province Plans to Develop Two Crypto Mining Farms

Pakistani Province Plans to Develop Two Crypto Mining Farms

According to Reuters’ report, the Pakistani province of Khyber Pakhtunkhwa plans to develop two cryptocurrency mines. The Pakistani province of KP, or Khyber Pakhtunkhwa, has created a federal committee to establish a new cryptocurrency policy involving government-backed crypto mining. Moreover, as part of the new policy, the KP Crypto Advisory Committee has chosen to pilot two hydroelectric-powered crypto mining farms. Nevertheless, the committee has not disclosed the cost of the upcoming mining project yet. Still, expectations are that possible investors and the entire province’s economic condition could profit from the enterprise.

The committee’s first meeting took place on March 17. The advisor to the provincial government on science and technology, Zia Ullah Bangash, announced on Twitter. The province formed The KP Crypto Advisory Committee to review and discuss important steps to regulate, legalize, and necessary legislation. As per a current news report, the region’s authorities have decided to profit from the worldwide cryptocurrency market’s bullish trends. The report indicated that the provincial government admits that crypto can generate funds for the government and offer employment opportunities. 

Khyber Pakhtunkhwa is the First Pakistani Province to introduce an Advisory committee for Crypto Mining. 

The KP province has been requesting the central government legalize crypto. They went ahead to establish a resolution in December 2020 that required legislative action on a federal level. Following the local reports, the KP is the first of four provinces in Pakistan to establish an advisory committee focusing on crypto and mining. Pakistan has been confused about embracing Bitcoin and other cryptocurrencies for its investment environment. 

In 2018, the SBP (State Bank of Pakistan) declared cryptocurrencies as illegal tender and declined any dealings with them. Back then, the SBP directed all financial institutions, banks, and payment processors to deny employing cryptocurrencies or providing such services to account holders associated with crypto assets. Moreover, the government asked all financial institutions to report any crypto-related transactions as suspicious. Notwithstanding the years of an official ban, Pakistan residents did not cease investing in crypto. 

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