Technology
Pakistan is now using government funds to mine bitcoin
In a short :
- Two mining farms have been set up by the government of one of Pakistan's four provinces.
- Previously, it had pressed for favorable crypto laws in the region.
- Countries like Pakistan and Iran have turned to Bitcoin to restart a failed economy.
Khyber Pakhtunkhwa (KP), one of Pakistan's four provinces, announced the opening of two state-owned Bitcoin mining farms last week, according to a local BOLNews outlet article.
The step was one of the first cases of a country using its own money to mine (and make a profit from) Bitcoin.
Ziaullah Bangash, advisor to KP Chief Minister of Information Technology, said the provincial Assembly passed a constitutional bill that supported such operations. A separate non-objection certificate was also passed, allowing individuals to launch and issue their own cryptocurrencies without fear of legal retaliation.
KP, the province in Pakistan that earlier legalized crypto mining, just approved the use of government funds to mine.
— Muneeb (@muneeb) January 12, 2021
The KP government is way ahead of the curve: mining Bitcoin directly!
Pakistan's attitude against Bitcoin has been close to that of other nations. The industry remains trapped in red tape, but local governments (and individuals) have steadily pressed for legislation that will support the state's treasury – one that helps to make digital currencies more broadly recognized.
The KP administration has led efforts in this regard. Its inherently cool, mountainous climate favors Bitcoin mining—machines that make thousands of calculations per second to maintain the Bitcoin network, consuming a lot of resources in the process—which, in turn, benefits the local economy.
