Two Major Hydroelectric Mining Farms to be established in Asia

Thus far, the future of cryptocurrencies seems bleak in the continent of Asia. Many big economies such as India and Thailand are finding ways to get out of the crypto-mania. However, there is a new player in town that has proposed a safer route for crypto investment. Pakistan is known as one of the strongest and fastest-growing economies in Asia. Recently, the region appeared in the news at major crypto tabloids for announcing two crypto mining farm projects. 

As per the report published by Reuters, the northern province of Pakistan is making plans to build two hydroelectric mining farms in the region. It should be noted that there is a cold war going on between major economies in the world over semi-conductors shortage for its usage in more mining units. The presence of mining machines in a country like Pakistan that shares its borders with China, India, Bangladesh, and other major Asian countries could aid the status of cryptocurrencies in the continent.

The Stance of Pakistani Government on Cryptocurrencies

Thus far, the Pakistani government does not have a clear position on cryptocurrency regulations. The State Bank of Pakistan had dubbed crypto assets as illegal tender back in 2018. By the decree of the order of SBP, no financial institutions were allowed to deal in crypto-assets and also report such transactions to the Federal authorities. According to the officials, the direct involvement in cryptocurrencies can prove to be damaging for Pakistan’s commercial and economic interests.

However, recently the Pakistan High Court of Sindh has applied to the SBP, Federal Government, and Federal Investigation Agency (FIA) to make their position more ‘clear’ on the matter of crypto trading. In 2020 a case was also filed against SBP by the Supreme Court of Pakistan. However, SBP lawyers maintained that cryptocurrencies are not banned in the region but rather in want of proper regulations to avoid the possibility of fraud.

Provincial Government Coming Forward to Support Crypto in Pakistan

Pakistan is a country that has been under immense political pressure due to its important geographical position. Over the years, the country has suffered from Political interruptions and terrorist activities. However, now the situation is looking up, and more people have started to recognize the status of the country as a major player in Asia. 

The Ministry of Science and Technology correspondent, Zia Bangash, has told media that the northern province of Pakistan KPK has plans to dip its toes into the crypto pool from a safe distance. Local and foreign investors have approached the province for the promotion of crypto trading. However, the stance of the government is to start from the areas like support services to safeguard their position as an emerging economy in Asia.