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IMF Rejects Pakistan’s 2,000 MW Crypto Mining Proposal
Pakistan’s plan to allocate a massive 2,000 megawatts of electricity for crypto mining has been rejected by the International Monetary Fund (IMF). The IMF cited concerns about market distortions as the reason behind their decision.
During a meeting with the Senate Standing Committee on Power, Secretary Power Dr. Fakhray Alam Irfan revealed that the ongoing discussions with the IMF on crypto mining have come to an end. The IMF has not agreed to Pakistan’s proposal to offer subsidized electricity rates to energy-intensive industries like crypto mining, data centers, and metal industries.
Pakistan’s government had aimed to allocate 2,000 megawatts of power for crypto mining in a bid to attract foreign investments. However, the IMF’s refusal puts a spanner in these plans.
Source: coinpedia.org
