ISLAMABAD: Seven staff at one of Pakistan's biggest power plants have been suspended after a technical fault sparked a massive grid breakdown at the weekend, plunging the entire country into darkness.
The blackout hit all of Pakistan's major cities, including the capital Islamabad, economic hub Karachi and the second-largest city Lahore, lasting around 18 hours in most areas.
The employees at Guddu thermal power plant in Sindh province were suspended "on account of the negligence of duty", according to the Central Power Generation Company, which operates the facility.
Guddu plant, built in the 1980s, is one of the country's largest and generates power from furnace oil and natural gas.
The suspended staff included a manager and six junior employees.
The blackout, which started shortly before midnight on Saturday, was caused by an engineering fault which tripped the system and caused power plants across the country to shut down.
Pakistan's electricity supply system is a complex and delicate web, and a problem in one section of the grid can lead to cascading breakdowns countrywide.
There were no reports of disruption at hospitals, however, which often rely on backup generators.
The outage marked Pakistan's second major power breakdown in less than three years.
In May 2018, power was partially disrupted for more than nine hours, while in 2015 an apparent rebel attack on a key supply line plunged around 80 percent of the country into darkness.
Pakistan suspends power plant staff after nationwide blackout
https://arab.news/cud22
Pakistan suspends power plant staff after nationwide blackout
- Blackout hit all of Pakistan's major cities, lasting around 18 hours in most areas
- Country’s electricity supply system is a delicate web, and a problem in one section of the grid can lead to breakdowns countrywide
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
