The Pakistani province of Khyber Pakhtunkhwa will build two pilot cryptocurrency mining firms as part of a brand new state policy.
The Pakistani province of Khyber Pakhtunkhwa, or KP, has made a national committee to create a new cryptocurrency policy such as government-backed crypto mining.
Included in this policy, the KP Crypto Advisory Committee has already decided to pilot two hydroelectric-powered crypto mining farms, a minister overseeing the policy told Reuters.
The committee held its initial meeting on March 17, Zia Ullah Bangash, advisor to the provincial authorities on science and tech declared on Twitter. “The KP Government about the directions and advice of ministry Mahmood Khan is taking serious measures regarding cryptocurrency and exploration. We are consulting with all stakeholders and experts for this initiative,” Bangash wrote.
The KP Crypto Advisory Committee was formed as a way to review and talk about”necessary steps to regulate, legalise, and necessary legislation.” Local crypto urge and influencer Waqar Zaka apparently played a substantial role in setting up the committee, asserting that he was the person who convinced the local government to establish the initiative. “I am grateful to Waqar Zaka because of his entire cooperation and support to the KP authorities,” Bangash said.
The state was advocating the central authorities to prosecute crypto, going so far as to pass a settlement at December 2020 that demanded legislative action on a federal level.
The State Bank of Pakistan banned crypto from the nation in 2018, announcing that cryptocurrencies such as Bitcoin (BTC) were not legal tender. Despite the years of a formal ban, Pakistan residents apparently failed to stop investing in crypto. “It is really only our government which isn’t engaging at this time, folks around Pakistan are already working with this, either mining or trading in cryptocurrencies and they’re earning an income from it,” Bangash said.