KP govt to build pilot cryptocurrency mining farms

cryptocurrency mining farms

Khyber Pakhtunkhwa government is going to build two hydroelectric-powered pilot cryptocurrency mining farms to capitalize on a bullish global cryptocurrency market. 

The minister overseeing a new government crypto policy announced that KPK is planning to build pilot cryptocurrency mining farms. The government planned so as cryptocurrencies are gaining conventional acceptance, with Bitcoin’s price reaching record levels as stockholders such as Tesla‘s CEO Elon Musk pour funds into it, and the first big US bank, Morgan Stanley, offering its wealth management clients access to bitcoin funds. 

The Khyber Pakhtunkhwa province has formed a federal committee to create a new cryptocurrency policy including government-backed crypto mining. 

The committee held its first meeting on March 17, Zia Ullah Bangash, advisor to the provincial government on science and technology announced on a series of Tweets, “The KP Government on the directions and guidance of chief minister Mahmood Khan is taking serious steps regarding cryptocurrency and mining. We’re consulting with all stakeholders and experts for this initiative,”  

Read More: SECP Orders Companies to Stop Dealing in Cryptocurrency

Adviser to the provincial government on science and technology further said, “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,”  

Trading and mining, both in cryptocurrencies currently exist in a legal grey area in the country and so federal authorities would have to provide a clear path towards legalizing the sector before it could be formally opened to investors. 

“It’s really just our government that is not participating right now, people all over Pakistan are already working on this, either mining or trading in cryptocurrencies and they are earning an income from it,” Bangash said. “We are hoping to bring this to a government level so things can be controlled and online fraud or other scams can be prevented.” 

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