The International Monetary Fund (IMF) isn’t happy with Pakistan over its decision to allocate 2,000 megawatts of electricity for Bitcoin mining and artificial intelligence (AI) data centres without consulting the lender under existing bailout conditions.
IMF officials have expressed concern over the move and are expected to raise the issue during upcoming virtual discussions with the federal government. The Fund questioned how such a major allocation could be made without first determining the legal status of cryptocurrency in the country.
The IMF has reminded the government that all key policy decisions must be taken in mutual consultation and remain aligned with commitments made under the ongoing loan program.
The IMF prepares to examine Pakistan’s fiscal framework for the new federal budget. The talks are expected to be challenging, given recent unsupervised steps by the government.
Last week, Pakistan earmarked 2,000MW of electricity for Bitcoin mining and AI data centres under the Pakistan Crypto Council (PCC).
The Finance Ministry stated the initiative will utilise excess electricity, generate skilled employment, and attract foreign investment. It also mentioned future plans involving renewable energy-powered facilities, strategic partnerships with leading blockchain and AI firms, and the creation of fintech and innovation zones.
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Crypto currency is not regular source in the industry investment. IT is just gambling not having strong back up.
The concern authorities must understand the system of earnings in crypto currency, make feasiblity and then take steps..
only pakistani government can try to act this smart and fail 😂🤣
Anyone with more than 0 brain cells can tell you that’s a bad idea .
2000 MV is huge .Enough to power a small city.
Instead of giving this electricity to produce cheaper products on pakistan to decrease our trade deficit . We are wasting resources for no reason
big scam . easy for money laundering using anonymous wallet