IMF Flags Concern Over Pakistan’s Bitcoin Mining Plan
The IMF has expressed concerns over Pakistan's allocation of 2,000 megawatts of electricity for Bitcoin mining and AI data centers amid ongoing financial negotiations. The initiative aims to attract miners and blockchain companies but raises questions about the legality of crypto mining and its impact on energy shortages and fiscal pressures. The IMF was not consulted prior to the announcement and is seeking clarification from the Finance Ministry. A special session on the electricity plan for Bitcoin mining is expected during virtual discussions with Pakistani officials. This initiative is part of a broader strategy to integrate digital assets into Pakistan's economy, including the establishment of the Pakistan Digital Asset Authority (PDAA) to regulate crypto activities. The government has shifted its stance on cryptocurrencies, proposing a National Crypto Council to draft regulatory frameworks and attract foreign investment.
