Pakistan is embarking on a transformative journey to integrate cryptocurrency and blockchain technology into its national economic framework. This initiative is spearheaded by the newly established Pakistan Crypto Council (PCC), led by Chief Advisor to the Finance Minister, Bilal Bin Saqib.Bitcoin $BTC
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A cornerstone of this strategy is the creation of a national Bitcoin reserve, inspired by similar moves in the United States. The reserve will consist of Bitcoin holdings from criminal and civil forfeitures, with a policy of long-term retention rather than speculative trading. This approach aims to establish Bitcoin as a strategic asset within Pakistan's financial system.
To support this digital infrastructure, Pakistan has allocated 2,000 megawatts of electricity for Bitcoin mining and artificial intelligence data centers. This move addresses the country's surplus electricity capacity and is expected to attract foreign investment, create high-tech employment opportunities, and foster economic growth. Reuters
The PCC is also working towards formalizing cryptocurrency regulations to provide a clear legal framework for digital assets. This includes exploring blockchain-based solutions for remittances, which could streamline the process and reduce costs for the significant Pakistani diaspora. Business Recorder+7The Express Tribune+7Profit by Pakistan Today+7CoinDesk
With over 60% of its population under the age of 30, Pakistan is positioning itself to become a hub for blockchain and Web3 innovation. The government's proactive stance on cryptocurrency and blockchain technology reflects a commitment to embracing digital transformation and fostering a more inclusive financial ecosystem.#CoinDesk
