Pilot cryptocurrency mining projects in Pakistan’s Khyber Pakhtunkhwa province will be overseen by a specially created federal committee. Reuters сообщает.
According to Zia Ullah Bangash, adviser to the chief minister of the province for information technology, the committee will be tasked with developing the regulatory framework for the cryptocurrency industry. The first meeting of the committee took place on 17 March.
First meeting of the KP Crypto Advisory Committee held at KPITB. KP Government on the directions and guidance of CM KP @IMMahmoodKhan is taking serious steps regarding #Cryptocurrency and #Cryptomining. We’re consulting with all stakeholders and experts for this initiative. pic.twitter.com/HjyIrOc90p
— Zia Ullah Bangash (@ZiaBangashPTI) March 17, 2021
Under the direction of the Chief Minister of Khyber Pakhtunkhwa, the Government is taking serious steps regarding cryptocurrency and mining. We are consulting with all stakeholders and experts on this initiative,” Bangash wrote.
The new body will include coordinators, technical specialists, and blockchain analysts. The latter will explore the possibility of integrating DLT technology into various government departments. The committee will also organise training seminars for the public.
As part of the new policy, the committee will test two mining farms powered by hydroelectric plants and prepare a report on their operation.
People are already approaching us with investment questions, and we want not only them but also the province to benefit from this,” Bangash said.
He added that direct investment in the cryptocurrency industry will only be possible after its full legalization in the country.
The country’s government is not yet involved, but Pakistanis are already developing the sector by mining or trading cryptocurrencies and earning income,” Bangash added.
In April 2018, Pakistan’s central bank banned cryptocurrency operations, stating that they are not a legal tender.
In December 2020, the National Assembly of Pakistan urged the federal authorities to legalise the possession of digital assets and mining.
In January 2021, the Legislative Assembly of Khyber Pakhtunkhwa passed a law for the creation of two mining enterprises for Bitcoin mining using public funds. Local authorities also issued a separate act allowing private entrepreneurs to issue digital currencies without legal consequences.
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