(REUTERS): Khyber Pakhtunkhwa is planning to build two hydroelectric-powered pilots “mining farms” to capitalise on a bullish global cryptocurrency market, an official overseeing a new government crypto policy announced.
Talking to an international news agency, Zia Ullah Bangash, advisor to the provincial government said, “People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well.”
“It’s really just our government that is not participating right now, people all over Pakistan are already working on this, either mining or trading in cryptocurrencies and they are earning an income from it,” Bangash added.
The official further said, “We are hoping to bring this to a government level so things can be controlled and online fraud or other scams can be prevented.”
The announcement comes as cryptocurrencies are gaining mainstream acceptance, with Bitcoin’s price reaching record levels. Pakistan has formed a federal committee to formulate a new crypto policy, even as neighboring India is planning to ban cryptocurrencies entirely.
Both mining and trading in cryptocurrencies currently exist in a legal grey area in Pakistan, however, the federal authorities would have to provide a clear path towards legalizing the sector.
Pakistan also is currently on the global Financial Action Task Force grey list, and one of the areas the global money-laundering watchdog has asked Islamabad to better regulate is cryptocurrencies.
