In a significant move, Pakistan is reportedly developing specialized electricity tariffs to attract crypto mining and blockchain-based data centers, further loosening its past stance on cryptocurrencies. This initiative aims to capitalize on the country’s surplus power capacity, transforming a potential liability into a valuable asset while fostering growth in the burgeoning digital asset industry.
According to a Dawn report citing sources in Pakistan’s power ministry, extensive consultations are underway with stakeholders to formulate an attractive electricity tariff structure for emerging industries. This development follows a series of high-level discussions, including a recent meeting between Power Minister Awais Leghari and Bilal Bin Saqib, CEO of the newly formed Pakistan Crypto Council (PCC).
As reported by Bitcoin.com News, the PCC was launched with the mandate of integrating blockchain and digital assets into the financial system. The PCC’s inaugural meeting on March 21, presided over by Finance Minister Muhammad Aurangzeb, further solidified the government’s interest in exploring the crypto space.
At this meeting, Saqib presented a vision for utilizing Pakistan’s surplus electricity for bitcoin mining, drawing significant attention from attendees, including State Bank Governor Jameel Ahmad and the Securities and Exchange Commission of Pakistan Chairman Akif Saeed.
In remarks commending the PCC’s first meeting, the Pakistani Finance Minister said, “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.”
The PCC-sponsored initiative highlights the shift in Pakistan’s approach to cryptocurrencies. Previously, Pakistan regulators, including the State Bank of Pakistan (SBP), warned against the use of cryptocurrencies, citing concerns about money laundering and financial instability. In 2023, the SBP and the Information Ministry considered banning cryptocurrencies altogether.
The government has since recognized the potential of blockchain technology and digital assets, leading to its latest attempt to attract miners.
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