Michaela
Pakistan Crypto Council CEO Bilal Bin Saqib has suggested harnessing the country’s excess energy for Bitcoin mining, arguing that unused power could fuel economic growth.
Saqib introduced the proposal at the council’s first meeting on March 21, emphasizing the potential benefits of integrating cryptocurrency mining into Pakistan’s energy strategy. According to The Nation, the initiative aims to create clear guidelines for cryptocurrency operations, encouraging both local and international investors to participate in Pakistan’s evolving digital economy.
Key figures, including lawmakers, the Governor of the Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal IT Secretary, were present at the meeting.
“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies,” Senator Muhammad Aurangzeb said, speaking at the event.
The establishment of the Crypto Council marks a significant shift in policy, signaling a move away from the government’s earlier opposition to digital assets. In May 2023, then-Minister of State for Finance and Revenue, Aisha Ghaus Pasha, firmly stated that Pakistan had no plans to legalize cryptocurrencies, pointing to concerns over anti-money laundering regulations and the country’s commitments to the Financial Action Task Force (FATF).
However, Pakistan’s position on cryptocurrencies shifted dramatically, influenced in part by the U.S. presidential elections. On November 4, 2024, the government took a decisive step by introducing regulations to recognize cryptocurrencies as legal tender through the State Bank of Pakistan (SBP) Act.
The amendments would grant the central bank authority to issue and regulate digital currencies, marking a major policy shift from its previous stance.
The proposed framework aims to formalize the use, trading, and management of virtual assets within the country while ensuring that digital currencies are backed by the Pakistani Rupee. This regulatory move is seen as a step toward attracting global investment and fostering a structured crypto ecosystem in Pakistan.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
