Pakistan Crypto Council proposes using excess energy for BTC mining
Bilal Bin Saqib, the CEO of Pakistan’s newly established Crypto Council, has laid out an ambitious plan to harness the country’s runoff energy for Bitcoin mining. This proposal was presented at the council’s inaugural meeting on March 21, where esteemed participants included lawmakers, the governor of the Bank of Pakistan, the chairman of the Securities and Exchange Commission, and the federal information technology secretary. The intent behind utilizing Pakistan’s abundant runoff energy is to amplify the nation’s renewable resources while positioning the country as a crypto hub.
In line with this vision, the council is actively seeking to implement comprehensive regulatory frameworks for cryptocurrencies, aimed at attracting foreign direct investment to the burgeoning market. Senator Muhammad Aurangzeb remarked on the significance of the meeting, stating, “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.”
This pivot towards crypto is particularly notable given Pakistan’s recent history, where the stance on cryptocurrencies was markedly negative. In May 2023, former finance minister Aisha Ghaus Pasha firmly asserted that crypto would never be legalized in Pakistan, citing compliance with anti-money laundering requirements set forth by the Financial Action Task Force (FATF) as a primary reason for the government’s hardline position.
The council’s initiatives come in the wake of studies suggesting that Bitcoin mining could provide stability to electrical grids by acting as a load-balancing mechanism. Such solutions could optimize the integration of renewable energy sources into the national grid, dramatically transforming the energy landscape in Pakistan.
In a broader context, Pakistan’s pivot toward cryptocurrency aligns with global trends. On November 4, 2024, the country announced plans to regulate cryptocurrencies as legal tender, coinciding with major elections in the United States. The re-election of Donald Trump saw a rapid implementation of pro-crypto policies within the U.S. administration. Shortly after his inauguration, Trump signed an executive order that established the Working Group on Digital Assets, which aims to reform regulations governing digital currencies and ensure a conducive environment for cryptocurrency utilization.
This tightening nexus between political movements and cryptocurrency regulation highlights a significant shift toward broader acceptance. Trump’s administration’s actions, including the creation of a strategic Bitcoin reserve, reflect a growing recognition of cryptocurrencies as a viable financial instrument.
As Pakistan navigates its path within the crypto space, the implications of such regulatory changes could significantly enhance its economic frameworks, attracting both domestic and international investments while fostering a technologically savvy environment for its youth.
