news 
IMF Blocks Pakistan’s Crypto Mining Subsidy – Bitcoin Reserve Plans Put on Hold
Pakistan’s ambitious plans to establish a government-backed Bitcoin reserve and offer subsidized electricity rates for crypto mining have hit a roadblock, courtesy of the International Monetary Fund (IMF). The global lender has rejected Pakistan’s proposal to provide discounted electricity rates to energy-hungry sectors like crypto mining.
According to sources, IMF officials expressed concerns over legal uncertainties, risk of distorting energy markets, and potential strain on the country’s already burdened power grid. The rejection comes as a major blow to Pakistan’s plans to establish itself as a hub for digital assets.
The proposal aimed to attract investment and boost economic growth by offering subsidized electricity rates to crypto mining operations. This move was seen as a crucial step towards creating jobs, fostering innovation, and strengthening the country’s digital infrastructure. However, it seems that these ambitious plans are now in limbo.
Pakistan had been working on establishing a government-backed Bitcoin reserve, which would have allowed the country to manage its own cryptocurrency assets. This move was expected to boost economic growth, create jobs, and provide a new revenue stream for the country.
The IMF’s decision has put Pakistan’s crypto mining ambitions on hold, and it remains unclear whether these plans will be revived in the future.
Source: www.crypto-news-flash.com
