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IMF Rejects Pakistan’s 2000MW Bitcoin Mining Plan: Report
The International Monetary Fund (IMF) has rejected Pakistan’s proposal to allocate 2,000 megawatts of energy for cryptocurrency mining. The plan aimed to attract foreign investment and boost the digital innovation in the country, but the IMF expressed concerns over market distortion, legal risks, and lack of prior consultation.
According to a report, Dr. Fakhray Alam Irfan, Secretary of Power, informed the Senate Standing Committee on Power that Pakistan has excess electricity during winter months, which could be allocated to energy-intensive industries such as crypto mining. However, the IMF remains opposed due to worries about market distortions and tariff imbalances.
The proposal was officially communicated on July 3. The rejection came during a meeting chaired by Senator Mohsin Aziz. Dr. Irfan stated that Pakistan is still engaged in discussions with international institutions, aiming to revise the energy subsidy plan to meet global standards.
Pakistan’s desire to modernize its economy through crypto mining and digital innovation is evident, but it must be balanced with economic stability and adherence to international agreements.
Source: cryptotale.org
