Pakistan Moving Forward With Bitcoin Mining Project
The committee is formed of technological advisors and local government ministers. They held the first meeting last week under the direction of the Chief Minister for the province, Mahmood Khan.
Two subcommittees were formed during the meeting, the Blockchain and Technical Committee and a Coordination Committee, both of which will ‘assist and provide technical support for the main committee.’
Khyber Pakhtunkhwa Hoping To Entice Hashrate To Pakistan
With its favorable weather conditions, the Pakistani province of Khyber Pakhtunkhwa (KP) is planning to build two hydroelectric-powered pilot Bitcoin mining farms.
And after the Pakistan government cleared regulations to make it easier for provinces to get involved in the Bitcoin mining industry, KP is moving towards becoming the mining hotbed of the sub-continent.
In an announcement after the first meeting, the advisor to the provincial government on science and technology, Zia Ullah Bangash said they were ‘consulting with all stakeholders and experts for this initiative.’
Bangash said the KP province had already been approached by investors, who he says are welcome to invest in the mining project for the benefit of themselves and the province.
Paving The Way For A Bitcoin Mining Gold Rush
At a time when neighbour India is allegedly banning Bitcoin, Pakistan is moving its Bitcoin friendly approach forward at rapid pace.
Bitcoin Versed reported in January how the provincial government had passed a new law approving the release of funds needed to establish a Bitcoin mining plant.
That news came just a month after the KP Assembly was the first in the country to legalize Bitcoin trading and mining in Pakistan.
And although the Pakistan government isn’t fully onboard yet, they appear to be changing their stance. Bitcoin mining was illegal in the country until last year, and the government is still allegedly making it difficult for people to mine independently.
Zia Ullah Bangash says the government clamp down hadn’t affected mining in the country that much, and claims ‘people all over Pakistan are already […] either mining or trading in cryptocurrencies.’
‘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 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.”
Pakistan Moving Forward While India Bans Bitcoin
With populations of 207 million and 1.3 billion respectively, Pakistan and India have always struggled with poverty.
And while India is allegedly “banning” Bitcoin, Pakistan appears to be making positive moves to gain from the biggest innovation of our lifetimes.
And while Bitcoin will not solve the Pakistan’s entire problems, it is another way to generate income in the country. Whatever India is scared of it appears it will be left behind from its smaller and relatively poorer neighbour.