The National Assembly of Pakistan has urged local authorities to enact laws governing cryptocurrency ownership and bitcoin mining, according to government adviser Zia Ullah Bangash.
KP Assembly passes resolution regarding Cryptocurrency and Cryptomining demanding federal govt to take steps to legalise #cryptocurrency and #cryptomining in Pakistan. #DigitalPakistan pic.twitter.com/8a9CAL6zyr
— Zia Ullah Bangash (@ZiaBangashPTI) December 2, 2020
Pakistan, with a population of 212 million, faces ‘serious economic problems’, including a downturn in production.
‘We urge the central government to give careful consideration to our proposal to legalise cryptocurrency,’ the resolution signed by assembly advisers and ministers said.
The proposal is addressed to the Chief Minister of Khyber Pakhtunkhwa.
According to the authors of the resolution, the region’s cool climate, cheap energy and availability of labour make it attractive for cryptocurrency mining.
In the absence of regulatory legislation, local Bitcoin enthusiast Waqar Zaka, with the help of the Khyber Pakhtunkhwa government, established the region’s first mining farm.
Illegal in Pakistan , Court case delayed , but I manage to install Pakistan’s first and biggest crypto mining Farm in KPK with the help of KPK Government using this as research based project https://t.co/Mk2wtu2ttS
— Waqar Zaka (@ZakaWaqar) December 4, 2020
‘I managed to establish Pakistan’s first and largest cryptocurrency mining farm in Khyber Pakhtunkhwa under the guise of a research project,’ he said.
Earlier Zaka, through the courts, sought to legalise cryptocurrencies in the country. The next hearing in the case is scheduled for December 17.
In April 2018, the State Bank of Pakistan banned cryptocurrency operations, saying they are not a legal means of payment.
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