The International Monetary Fund (IMF) asks Pakistan to clarify its plans to allocate energy for Bitcoin mining due to electricity shortages and financial problems.
- The IMF delegation is expected to hold a virtual session with the Pakistani Ministry of Finance to discuss the allocation of electricity. Pakistan announced last week that it will allocate 2,000 megawatts of energy to Bitcoin mines and artificial intelligence data centres.
The International Monetary Fund has approved a $2.4 billion loan to Pakistan and is currently in talks with the country about its financial plans. Pakistan plans to re-employ three underutilised coal-fired power plants to provide electricity for Bitcoin mining and artificial intelligence data centres.
- The International Monetary Fund is concerned about the impact of this initiative on electricity tariffs and distribution. Pakistan has taken quick steps to adopt crypto assets, establishing the Pakistan Cryptocurrency Council (PCC) to regulate and integrate them into the country's financial landscape