Pakistani province plans to establish two hydroelectric-powered pilot mining farms, hoping to get further exposure to cryptocurrency adoption.
Keeping up with the Global Crypto Bullish Trends
The Pakistani province of Khyber Pakhtunkhwa is reportedly drafting plans to get into the cryptocurrency flow by building two hydroelectric-powered pilot mining farms. According to a recent news report, the region’s authorities have committed to capitalizing on the bullish trends of the global cryptocurrency market.
The South-Asian country has now established a federal committee designated to bring a new crypto policy ahead. However, the cost of the upcoming mining project has not been determined yet. Still, expectations are that potential investors and the whole province’s economic condition could benefit from the eventual enterprise.
“People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well,” said an advisor to the provincial government on science and technology, Zia Ullah Bangash.
The Bitcoin Banning Question in Pakistan Remains
Pakistan has been on a Ferris wheel regarding adopting Bitcoin and other cryptocurrencies for its investment environment. During the last couple of years, the country has gone through some dilemmas about whether to legalize or ban the novice financial means.
In 2018, the State Bank of Pakistan (SBP) declared cryptocurrencies an illegal tender and refused to authorize anyone to deal with them in the country.
Back then, the SBP advised all banks, financial institutions, and payment processors to withhold from using cryptocurrencies or rendering such services to account holders involved with crypto assets. All financial institutions should’ve also reported any crypto-related transactions as suspicious.
A few months ago, though, the Pakistani High Court in the Sindh province had requested the federal government, the Federal Investigation Agency (FIA), and the State Bank of Pakistan (SBP) to respond to the ban on cryptocurrency dealing in the country.
During the hearing in September 2020, a federal court official stated the country’s tendency to be quite behind in modern technology compared to the rest of the world.
He also questioned the prohibition of cryptocurrencies in Pakistan compared to their global usage as a means of payment in both retail and institutional investments. To this, an SBP lawyer responded that there’s no ban on cryptocurrency, but it has not been regulated.