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IMF Rejects Pakistan’s 2,000 MW Crypto Mining Proposal
In a recent development, the International Monetary Fund (IMF) has rejected Pakistan’s proposal to offer subsidized electricity rates to crypto mining, data centers, and heavy industries. The decision comes as a significant blow to Pakistan’s ambitious plans to allocate 2,000 megawatts for cryptocurrency mining.
According to sources, the IMF expressed concerns about market distortions in rejecting the proposal. This move is expected to have far-reaching implications on Pakistan’s economic landscape, particularly in the crypto and energy sectors.
Pakistan had initially proposed allocating a substantial amount of power to support its cryptocurrency mining ambitions, aiming to attract foreign investment in this lucrative sector. However, it appears that the IMF has put an end to these plans by refusing to budge on their stance against market distortions.
Despite this setback, Pakistan remains committed to refining its energy plan to align with global standards and recommendations. The country is said to be engaging with international institutions to redefine its power subsidy plan, a move expected to have significant consequences for the crypto mining industry in Pakistan.
The development was shared during a session with the Senate Standing Committee on Power, where IMF concerns regarding market distortions were discussed at length. In response, Secretary Power Dr. Fakhray Alam Irfan emphasized that ongoing discussions suggest that Pakistan is dedicated to refining its energy plan to align with global standards and recommendations.
Pakistan’s plan to allocate 2,000 megawatts for crypto mining has been met with resistance from the IMF since the proposal was first made public.
Source: coinpedia.org
