KP govt to establish cryptocurrency mining plant

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has approved funds for establishing a cryptocurrency mining plant after the authorities decided to give permission to interested businesses party.

While talking to media KP Advisor on Information Technology, Ziaullah Bangash said that the provincial authorities have permitted the release of funds needed to establish a plant for mining.

He said that the provincial government will issue no-objection certificates to individuals who want to mine for the currency on their own as well. “The world is adapting to new changes fast and their affinity towards cryptocurrency means there is a great opportunity for investments in this field, Bangash added.

“The provincial government’s concerned department has already advertised the proposal after the bill was passed for it from our KP assembly,” he informed.

It is worth mentioning here that cryptocurrency is a decentralized means of carrying out transactions virtually, and is not regulated by federal governments and banks, while people can create them via mining.

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.

In the upcoming years, cryptocurrency tokens are likely to be integrated with other technologies and innovations. This includes AI, smart contracts, and the Internet of Things (IoT). Tokens will be used to provide supportive infrastructure, build smart tools, and infuse automation by integrating innovative technologies.