{"id":10096,"date":"2025-03-22T20:34:45","date_gmt":"2025-03-22T19:34:45","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=10096"},"modified":"2025-03-22T20:34:45","modified_gmt":"2025-03-22T19:34:45","slug":"pakistans-crypto-council-advocates-for-harnessing-surplus-energy-for-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/22\/pakistans-crypto-council-advocates-for-harnessing-surplus-energy-for-bitcoin-mining\/","title":{"rendered":"Pakistan’s Crypto Council Advocates for Harnessing Surplus Energy for Bitcoin Mining"},"content":{"rendered":"

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Bilal Bin Saqib, the chief executive officer of Pakistan’s Crypto Council, has suggested harnessing the nation’s surplus energy to power Bitcoin (BTC<\/a>) mining during the Crypto Council’s first meeting on March 21.<\/p>\n

As per an article<\/a> published by The Nation, the council is working on extensive regulatory frameworks for digital currencies<\/a> to draw in foreign direct investments and position Pakistan as a center for cryptocurrency.<\/p>\n

Attendees of the meeting included legislators, the governor of the Bank of Pakistan, the chairperson of Pakistan’s Securities and Exchange Commission (SECP), and the federal secretary of information technology. Senator Muhammad Aurangzeb commented on the gathering:<\/p>\n

\u201cThis marks the inception of a new digital era for our economy. We are devoted to establishing a transparent, future-oriented financial environment that attracts investments, empowers our youth, and places Pakistan prominently on the global stage as a pioneer in emerging technologies.\u201d<\/p><\/blockquote>\n

The Crypto Council signifies a significant shift from the previous government’s perspective on cryptocurrency in Pakistan. In May 2023, Aisha Ghaus Pasha, the former state minister for finance and revenue, remarked that cryptocurrency would never gain legal status<\/a> within the nation.<\/p>\n

Pasha referenced anti-money laundering regulations enforced by the Financial Action Task Force (FATF) as the key reason for the government’s anti-cryptocurrency position.<\/p>\n

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The presence of Bitcoin miners can stabilize electrical networks. Source: <\/em>Science Direct <\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>Pakistan seeks legal framework for cryptocurrency to enhance foreign investment<\/strong><\/em><\/a><\/p>\n

Pakistan mirrors the United States in adopting cryptocurrency<\/h2>\n

The Pakistani government decided to legitimize cryptocurrencies as legal tender<\/a> on November 4, 2024 \u2014 coinciding with the elections in the United States.<\/p>\n

In the wake of the re-election of Donald Trump<\/a> in the US and the January 20 inauguration, Trump acted swiftly to implement pro-cryptocurrency strategies at the federal level.<\/p>\n

On January 23, President Trump signed an executive order establishing the Working Group on Digital Assets<\/a> \u2014 an executive advisory board assigned with the task of investigating comprehensive regulatory enhancements concerning digital assets.<\/p>\n

\"Cryptocurrencies,
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President Trump signs executive order to form the President\u2019s Working Group on Digital Assets. Source: <\/em>The White House<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

The January 23 directive also prohibited the government from researching, developing, or issuing a central bank digital currency (CBDC).<\/p>\n

Additionally, President Trump signed an executive order creating a strategic reserve for Bitcoin<\/a> and a unique digital asset stockpile in March 2025 that is expected to incorporate cryptocurrencies developed by US-based companies.<\/p>\n

Magazine: <\/strong><\/em>How cryptocurrency regulations are evolving globally in 2025<\/strong><\/em><\/a><\/p>\n