By Ariba Shahid
Islamabad (Reuters) – Pakistan is planning to allocate part of his surplus electricity to Bitcoin Mining and AI Data Centers, the head of the Crypto Council and Pakistan’s adviser, said on Wednesday and added that the conversations had held with various mining companies.
Pakistan’s energy sector is struggling with challenges, including high electricity rates and the capacity of the surplus generation.
The rapid expansion of solar energy has further complicated the landscape, because more consumers turn to alternative energy sources to reduce high costs.
Bilal Bin Saqib, Chief Executive Officer of the Council, Reuters said that the location of the Mijncentrum will be completed on the basis of the availability of surplus power in specific regions.
Documents seen by Reuters outline the role of Changpeng Zhao, founder of Binance, who will serve as a strategic adviser to the Pakistan Crypto Council.
Zhao was sentenced to four months in prison in May last year after he had been guilty of violating the American laws against money laundering at the world’s largest cryptocurrency exchange.
His role in the Pakistani council includes supporting blockchain infrastructure, advising on legal frameworks and assisting with national initiatives, such as digital currency, mining and youth education in blockchain technologies.
SAQIB said that the country has 15-20 million crypto users and is the third largest global freelancer economy, with a growing fintech room.
“Pakistan is in the top 10 global crypto adopters, even though it is not regularized,” he said.
Saqib said that he wants to promote legal sandboxes, or safe environments for testing, innovation and growth in the fintech and freelance economy.
He also said that the youth of Pakistan in Blockchain and AI can stimulate job creation and the economy, stimulate exports via digital services and position the country as a hub for emerging technical talent on the world stage.
(Reporting by Ariba Shahid, writing by Surbhi Misra; adaptation by Barbara Lewis)
