The demographics of Pakistan position the nation as a significant driver for Bitcoin (BTC) assimilation, enabling it to “leapfrog” established countries, as stated by Bilal Bin Saqib, Pakistan’s state minister for crypto and blockchain.
“There has been a global policy transformation, not only in Pakistan but globally,” Bin Saqib mentioned in an exclusive discussion with Cointelegraph. The government of Pakistan took steps to regulate crypto in November 2024.
The country has 40 million crypto wallets and ranks among the “top five” nations in crypto assimilation, which the minister credited to Pakistan’s youthful population. He shared with Cointelegraph:
“Pakistan’s median age stands at 20. We boast a population of 250 million, with 70% under 30. If the youth of Pakistan formed a separate nation, it would rank as the ninth or tenth most populous globally.”
Related: Pakistan initiates regulatory body for the cryptocurrency sector
Collaborative agreement with El Salvador for Bitcoin innovation
Pakistan and El Salvador formalized a letter of intent in July to exchange knowledge and education regarding Bitcoin, digital asset infrastructure, and energy advancements for crypto mining, as stated by the minister.
“This collaboration fundamentally highlights how emerging economies under the IMF framework can utilize technology and diverse financial mechanisms for national advancement,” he shared with Cointelegraph.
Pakistan’s National Crypto Council and various regulatory entities are actively seeking insights on a thorough regulatory structure for digital assets, permitting crypto exchanges, establishing a strategic Bitcoin reserve, introducing a stablecoin, and utilizing abundant energy for Bitcoin mining, as remarked by the minister.
Bitcoin mining utilizing surplus and runoff energy sources
“Pakistan faces a rather intriguing dilemma. We possess excess electricity, for which we incur capacity charges,” the minister informed Cointelegraph.
He stated that the nation has access to up to 10,000 megawatts (MW) of surplus energy, which becomes a “burden” due to the associated carrying costs of the electricity.
Bin Saqib mentioned that the nation is allocating 2,000 MW for Bitcoin mining and AI data hubs. The government is also investigating the feasibility of mining BTC using runoff energy from methane and other surplus or stranded energy sources, he added.
Magazine: Pakistan will utilize Bitcoin reserves in DeFi for yield, states Bilal Bin Saqib
