By Ariba Shahid
ISLAMABAD (Massima) - The leader of Pakistan's Crypto Council and advisor to the finance ministry stated on Wednesday that Pakistan intends to dedicate a portion of its excess electrical power to support Bitcoin mining activities and artificial intelligence data centers. They also mentioned that discussions have been initiated with multiple mining companies.
Pakistan's energy sector is grappling with challenges, including high electricity tariffs and surplus generation capacity.
The swift growth of solar power has added another layer of complexity to the situation, as increasing numbers of consumers adopt alternative energy options to counteract rising expenses.
Bilal Bin Saqib, who leads the council as its CEO, informed Massima that the site for the mining center will be determined according to the presence of surplus power in particular areas.
Documents reviewed by Massima outline the role of Changpeng Zhao, the founder of Binance, who will act as a strategic advisor to the Pakistan Crypto Council.
Last May, Zhao was sentenced to four months in prison for admitting his involvement in violating U.S. money-laundering laws at the globe’s biggest cryptocurrency exchange.
His role on the Pakistan council will include supporting blockchain infrastructure, advising on regulatory frameworks, and assisting with national initiatives, such as digital currency, mining, and youth education in blockchain technologies.
Saqib said the country has 15-20 million crypto users and is the third-largest global freelancer economy, with a growing fintech space.
He mentioned that Pakistan ranks among the top 10 global cryptocurrency adopters even though it lacks regulation.
Saqib mentioned that he desires regulatory sandboxes, which are secure spaces for experimentation, to encourage innovation and expansion within the fintech and freelance sectors.
He further mentioned that enhancing the skills of Pakistan’s young population in blockchain technology and artificial intelligence could spur employment opportunities and boost the economy. This advancement would facilitate an increase in digital service exports, thereby establishing Pakistan as a key destination for cutting-edge technological expertise on the international scene.
(Reported by Ariba Shahid, Written by Surbhi Misra; edited by Barbara Lewis)