With the cryptocurrency bull market firmly in progress, the Pakistani province of Khyber Pakhtunkhwa wants to capitalize on the same and position itself as an ideal station for crypto-development. In fact, as per reports, the province is now planning to build two hydroelectric-powered pilot mining farms.
According to an advisor to the province’s Chief Minister on Science and Information Technology Ziaullah Bangash,
“Crypto mining will be under the control of the government and once the legal requirements are met, all local and international investors will be able to contact and invest.”
This is a major step forward for the crypto-landscape in Pakistan, especially since the country recently announced the formation of a federal committee to formulate new crypto-policies.
Further, the Khyber Pakhtunkhwa Information Technology Board’s [KPITB] Managing Director, Dr. Ali Mahmood, also recommended the creation of a committee on blockchain to review technical matters. There will be various sub-committees formed to deal with various issues associated with the same.
According to the aforementioned report,
“A blockchain committee, a technical committee and a coordination committee will be set up to assist and provide technical support to the main committee.”
The committee will consist of members of the KP Assembly and technical members who will hold discussions about the policy with stakeholders such as the State Bank of Pakistan, the Federal Board of Revenue, and other agencies.
“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.”
It must be highlighted, however, that despite such progress, regulatory clarity is still in muddy waters. For crypto to move forward in a legal and manageable way, Pakistan may have to focus on providing clarity to users first.
It’s also worth juxtaposing Pakistan’s example with that of its neighbors – India and China – with both, more or less, being averse to crypto. While Indian lawmakers continue to go back and forth on the legality of crypto, China has been developing its own digital yuan.