Pakistan, under the adviser of Binance founder CZ, has announced significant Bitcoin (BTC) plans.
At this point, just three days after CZ’s appointment, Bilal Bin Saqib, chairman of the Pakistan Crypto Council and advisor to the Minister of Finance, announced that the country plans to allocate a portion of its surplus electricity to Bitcoin mining and AI data centers.
Pakistan later also announced that it would establish a strategic Bitcoin reserve.
However, Pakistan’s Bitcoin moves have hit a snag with the IMF, which has rejected Pakistan’s Bitcoin mining power subsidy plan.
IMF Rejects Pakistan’s Bitcoin Plans!
The International Monetary Fund (IMF) has rejected Pakistan’s proposal to offer subsidized electricity tariffs for crypto mining and some industrial sectors.
The IMF rejected the proposal, citing concerns about potential strain on the country’s power grid, increased load, legal uncertainties, possible blackouts and a lack of prior consultation.
Energy Minister Dr. Fakhray Alam Irfan said that the talks are ongoing and added, “IMF did not accept our Bitcoin plans. However, the talks are ongoing. This shows that Pakistan is determined to align its energy plan with global standards and recommendations.”
The initiative, spearheaded by the Pakistan Crypto Council and supported by the Ministry of Finance, aims to allocate 2,000 MW of electricity for crypto mining and data centers in a bid to attract foreign investment.
*This is not investment advice.
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