With the trend of cryptocurrency, many people are trying to get into the crypto business to earn a profit. From a regular person, all the way to the CEO of Tesla everyone is involved in Cryptocurrency, even now governments are taking part to make countries better and Pakistan has also joined the race. Pakistan’s province KPK is planning to build mining farms for Cryptocurrency in Pakistan
Cryptocurrency in Pakistan
The K.P.K or also knows as Khyber Pakhtunkhwa is a province of Pakistan and people there with the support of the government are researching on making their own cryptocurrency mining farms. They are planning to build two hydroelectric-powered mining farms to reach the global cryptocurrency market. As with many investors currently in the market, it is surely a big step in the right direction to establish cryptocurrency in Pakistan.
Govt: Support on Mining
Pakistan has formed a federal committee to formulate a new crypto policy, the cost of the mining project has yet to be determined. These types of mining farms do require a lot of power and cost to set-up. Zia Ullah Bangash, advisor to the provincial government on science and technology said that “People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province benefit from that as well”, it means that there are many people ready to invest in the Pakistani Cryptocurrency mining farms and they just need the opportunity to do so.
He also said that “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, we are hoping to bring this to a government level so things can be controlled and online fraud or other scams can be prevented”. As of now, we do see interest in the government and the people as well.
Crypto Ban in Pakistan
While crypto trading currently exists in a legal grey area in Pakistan, though, federal authorities would have to provide a clear path towards legalizing the sector before it could be formally opened to investors. Still, mining and trading in cryptocurrencies thrive in Pakistan, many people do this as their side business to add to their total income. Even the neighboring country India is planning to ban cryptocurrencies entirely.
We really hope that all of this goes according to plan as it will really bring the country forward and create lots of opportunities for others as well. What do you think about this? Share your thoughts in the comments below!