Plans are ongoing in Pakistan as the country is gearing up to establish two mining centers across the country’s strategic parts. The regions have said that the mining stations would run on hydroelectric power supply in the statement. They also mentioned that the recent bullish rise of digital assets is the real reason behind their resolution to build the mining centers.
With that, the country is set to roll out guidelines that people trading crypto across the country would follow. Even though works are ongoing to roll out the mining centers, they have still not talked about the costs that it would take to finish the whole process.
The mining stations would use hydroelectric power
The country has also mentioned that they are open to being financed by private entities as they would benefit from the programs. The government mentioned that they have already started getting bids of investment from companies looking to collaborate. If they officially allow this, then both the country and the private entities would be looking to earn big from the centers.
Pakistan has adopted what would best be described as a Ferris wheel approach regarding crypto trading across the country. In the last few years, the country has had massive problems trying to legalize or ban people from trading digital assets in the country. The country previously wanted to ban novice from trading but has not been able to finalize the regulation.
Around 2018, the country’s premier bank branded digital assets as illegal and ordered people across the country not to trade the digital assets. During the period, the bank asked all financial institutions not to offer services to all individuals and entities in crypto-related businesses and activities.
Pakistan still without visible crypto regulation
Some months later, the federal high court ordered the respective regulators to look into the ban on digital assets across the country. In the hearing, the court stated that the country was already some steps behind in modern advancement. The judge also talked about how the country chose to ban a digital asset that has been seen and accepted thought out the world.
After this, the premier bank had no choice but to mentor that they did not ban the digital assets, but they still looked at ways to regulate them. Pakistan would now follow the footsteps of other countries that have now recognize crypto even after going against it in the past.