Pakistan Fails to Get Approval for Bitcoin Mining
The government has so far been unable to secure the International Monetary Fund’s (IMF) approval for a proposal to provide … Read More The post Pakistan Fails to Get Approval for Bitcoin Mining appeared first on ProPakistani .
Pakistan's Ministry of Energy reported that the nation has yet to obtain IMF approval for a scheme to supply Bitcoin mining facilities with electricity at reduced rates. The matter remains unresolved as Pakistan gears up for upcoming IMF talks, with the government likely to reiterate the proposal during these negotiations. The proposal envisions concessional electricity rates for Bitcoin mining as part of Pakistan's wider plans to bolster the country's digital asset and data center sector.
However, no consensus has been reached between the government and the IMF on the issue. This challenge arises as the government persists with broader electricity sector reforms, aimed at preserving cost recovery and transitioning to more focused electricity subsidies. Pakistan and the IMF are slated to commence discussions on September 22 for the fourth review of Pakistan's $7 billion Extended Fund Facility program. The Bitcoin mining electricity proposal is anticipated to be revisited during these talks.
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