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The demographics of Pakistan position the nation as a significant accelerator for Bitcoin (BTC) adoption, permitting it to “leap ahead” of developed regions, according to Bilal Bin Saqib, the state minister for crypto and blockchain in Pakistan.
“A worldwide policy transformation has occurred, not only in Pakistan but globally,” Bin Saqib conveyed to Cointelegraph during an exclusive discussion. The government of Pakistan initiated regulation for crypto in November 2024.
The nation boasts 40 million crypto wallets and ranks among the “top five” nations in terms of cryptocurrency adoption, a fact attributed to its youthful demographic by the minister. He expressed to Cointelegraph:
“Pakistan’s median age is 20. Our population is 250 million, with 70% under the age of 30. If the youth of Pakistan formed a separate nation, it would be the ninth or tenth most populous globally.”
“Emerging markets are the ones that will leap ahead in the adoption of these novel technologies,” asserted the minister, noting that smaller nations are more inclined to embrace Bitcoin because of their agility, allowing them to outperform developed counterparts. “It’s easier to steer a speedboat than the Titanic,” Bin Saqib remarked.
Related: Pakistan establishes a crypto regulatory authority for the digital asset sector
Collaborative agreement with El Salvador for Bitcoin progression
Pakistan and El Salvador signed a memorandum of understanding in July to exchange knowledge and education regarding Bitcoin, digital asset frameworks, and energy development for cryptocurrency mining, according to the minister.
“The collaboration primarily revolves around how emerging economies, both under the IMF program, can utilize technology and various financial tools for national advancement,” he expressed to Cointelegraph.
Pakistan’s National Crypto Council and other governing entities are soliciting feedback on a thorough regulatory structure for digital assets, licensing crypto exchanges, creating a strategic Bitcoin reserve, introducing a stablecoin, and mining Bitcoin using surplus energy, the minister explained.
Mining Bitcoin utilizing excess and runoff energy resources
“Pakistan faces a compelling challenge. We have an overabundance of electricity, for which we incur capacity charges,” the minister shared with Cointelegraph.
He noted that the country has access to 10,000 megawatts (MW) of surplus energy, which represents a “liability” due to the costs associated with maintaining the electricity.
Bin Saqib mentioned that the nation is designating 2,000 MW for Bitcoin mining and AI data centers. The government is also investigating the possibility of mining BTC with runoff energy from methane and other surplus or stranded energy sources, he added.
Magazine: Pakistan plans to utilize Bitcoin reserves in DeFi for yield, states Bilal Bin Saqib
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