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ISLAMABAD:
The International Monetary Fund (IMF) has sought an explanation from the government for not taking it into confidence while setting aside 2,000 megawatts of electricity for Bitcoin mining and AI data centres.
Sources told Express News that IMF officials will take up the issue with the government during a virtual interaction. They stated that the IMF has asked as to how such allocation could be made without deciding the legal status of cryptocurrency.
The Fund has said that all decisions should be taken within the framework of the IMF programme after mutual consultation. Sources said the government team is going to face tough questions during its talks on the new fiscal budget. They said both sides have agreed to hold virtual consultation on all matters.
A report citing the Ministry of Finance said last week that Pakistan has allocated 2,000 megawatts of electricity for Bitcoin mining and AI data centers as part of the first phase of a national initiative that seeks to transform Pakistan into a global leader in digital innovation.
This initiative is led by the Pakistan Crypto Council (PCC), a government-supported organization, as part of a wider plan to utilize excess electricity, generate high-tech employment, and attract foreign investment, according to the ministry.
The allocation is the first stage of a larger, multi-phase rollout of digital infrastructure, marking a significant milestone in Pakistan’s digital transformation, it added.
The Finance Ministry noted that upcoming developments are likely to feature facilities powered by renewable energy, strategic global partnerships with top blockchain and AI firms, and the creation of fintech and innovation hubs.
