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| Pakistan is building a pilot cryptocurrency mining farm |
The minister responsible for the government's new policy on cryptocurrency told Reuters that Pakistan's Khyber Pakhtunkhwa province plans to build a pilot hydropower farm to take advantage of the growing global cryptocurrency market.
When the news first broke out, the cryptocurrency gained acceptance because after investors like (Elon Musk) invested money in it, the bitcoin price reached an all-time high, number one in the United States. United.Great Bank Morgan Stanley (Morgan Stanley) enables its clients to access foreign currencies. .
Cryptocurrency mining farms involve large investments in computer data centers that require a lot of electricity.
Although neighboring India is considering banning cryptocurrency completely, Pakistan has created a federal committee to develop a new cryptocurrency policy.
The cost of the mining project has not yet been determined. Ziaullah Pangash, science and technology advisor to the provincial government, said, “People are starting to contact us to invest and we hope they will come to Khyber Pakhtunkhwa and earn money so the province can make money as well.
The legal gray area in Pakistan is cryptocurrency mining and trading, but federal agencies need to establish clear paths to legalize the industry before they officially open to investors.
The National Bank of Pakistan said in 2018 that the cryptocurrency is not a legal commodity and that the regulator has not allowed anyone to trade it in the country.
Pakistan is currently on the Global Financial Task Force gray list. One area in which global money laundering oversight has forced Islamabad to better regulate is cryptocurrency.
According to web analytics company LikeWeb, cryptocurrency mining and trading is booming in Pakistan, and apps from platforms like Binance and Coinbase are among the most popular downloads in the country.
Pangash said: Not only is our government involved at the moment, but people all over Pakistan are involved in this, whether it is mining or cryptocurrency trading, they all make money from it.
He added: We hope to bring this issue up at the government level so that matters can be controlled and online fraud or other fraud cases can be prevented.