Tuesday, April 23, 2024

To help promote the economy, Pakistan should develop two state-owned Bitcoin mining farms

Two state-backed Bitcoin mining farms are being set up by the government of Khyber Pakhtunkhwa (KP), local media announced in the pre-ceeding week.

Ziaullah Bangash, advisor to the chief minister of KP on Science and knowledge Technology, stated that the provincial parliament passed a bill allowing the KP government to use its own money to determine the mining facilities.

The province, which has since legalized crypto mining, are going to be mining bitcoin (BTC) for profit, BOL News, an area media organization, reported. No details got about the capacity of the mining farms nor the funds that the state intends to take a position within the project. This particular province has previously advocated friendly crypto laws in Pakistan.

The KP Assembly also passed a separate no-objection permit, according to Bangash, enabling citizens to mine cryptocurrencies and issue their own digital assets. The development coincided with Waqar Zaka, a longtime crypto enthusiast who has worked to develop the Pakistani crypto industry, launching a private bitcoin mining farm.

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