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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Pakistan to build Bitcoin mining farms in pilot program

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
bitcoin ruble currency Russian

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According to a report by Reuters, the Pakistani government will launch a pilot program to build Bitcoin and other cryptocurrencies mining farms. Power by two hydroelectric sources and based on the province of Khyber Pakhtunkhwa, the national program seeks to obtain revenues from the current rally in the crypto market.

The advisor to the provincial government on science and technology, Zia Ullah Bangash said:

People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well.

New crypto regulations in Pakistan

Pakistan will also review its policies towards cryptocurrencies. As of now, the country’s legal and regulatory framework for this market has been hostile towards digital currencies. Therefore they have created the “KP Crypto Advisory Committee” to come up with a “new crypto policy”. Bangash said:

It’s really just our government that is not participating right now, people all over Pakistan are already working on this, either mining or trading in cryptocurrencies and they are earning an income from It. We are hoping to bring this to a government level so things can be controlled, and online fraud or other scams can be prevented.

The committee held its first meeting on March 17, the government Official announced via Twitter. Alongside Bangash, the meeting was conducted under the direction of the Chief Minister for the province, Mahmood Khan. Bangash claimed:

We’re consulting with all stakeholders and experts for this initiative.

Two subcommittees were formed during the meeting, the Blockchain and Technical Committee and a Coordination Committee. They will have the task of “assist and provide technical support for the main committee”, per Bangash report.

The province of Khyber Pakhtunkhwa has favorable weather conditions for crypto mining activities. The government entity has called on crypto mining experts to weigh in on the subject by using a website enable by the committee. Bangash said:

Seminars on this subject would be organized soon to create awareness among people. Directed sub-committees set up to present their suggestions in next meeting. Directed technical committee to submit a detailed report on installation of hydropower including crypto mining farms.

On December 2, the Khyber Pakhtunkhwa Assembly became the first province in Pakistan to passed a resolution to legalize cryptocurrencies and crypto mining. Waqar Zaka, Chairman for the Technology Movement Pakistan, said the organization was working to extend the initiative to the entire country.

In the region, India will soon ban all trading activities related to cryptocurrencies. However, as a new study shows, the government’s action has not affected overall interest in digital assets.

The first meeting of KP Crypto Advisory Committee, to be chaired by @ZiaBangashPTI, will be held shortly.#Cryptocurrency #Cryptomining pic.twitter.com/nKPJoaIRte

— KPITB (@kpitbgov) March 17, 2021

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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