Ariba Shahid
ISLAMABAD (Reuters) – Pakistan plans to allocate some of the surplus electricity to Bitcoin mining and AI data centres, and Pakistan’s Crypto Council and adviser to the finance minister said on Wednesday it had met with several mining companies.
Pakistan’s energy sector is tackling challenges such as high power tariffs and surplus generation capacity.
The rapid expansion of solar energy further complicates the landscape as more consumers rely on alternative energy sources to reduce high costs.
Council chief executive Bilal bin Saqib told Reuters that the location of the mining centre will be determined based on the availability of excess electricity in certain areas.
The documents seen by Reuters outline the role of Changpen Zao, founder of Vinans, who serves as strategic advisor to the Pakistan Crypto Council.
Zhao was sentenced to four months in May last year after pleading guilty to violating US laws against money laundering on the world’s largest cryptocurrency exchange.
His roles at the Pakistan Council include supporting blockchain infrastructure, advice on regulatory frameworks, and supporting national initiatives such as digital currency, mining and youth education in blockchain technology.
Saqib said the country has 15-20 million crypto users, making it the third largest global freelancer economy with an expanding fintech space.
“Pakistan is in the top 10 global crypto adopters despite it being unnormalized,” he said.
Saqib said he wants a regulatory sandbox, or a safe environment for testing, to drive innovation and growth in the economy of fintech and freelancers.
He also said that by increasing the youth of Pakistani youth in blockchain and AI, it can promote job creation and economy, boost exports through digital services, and position the country as a hub of emerging technology talent on the global stage.
(Reporting by Ariba Shahid, Written by Surbhi Misra, Edited by Barbara Lewis)