PESHAWAR: The Pakistani province of Khyber Pakhtunkhwa is planning to build two hydroelectric-powered pilot “mining farms” to capitalise on a bullish global cryptocurrency market, a minister overseeing a new government crypto policy told Reuters on Wednesday.
The announcement comes as cryptocurrencies are gaining mainstream acceptance, with Bitcoin’s price reaching record levels as investors such as Elon Musk pour funds into it, and the first big U.S. bank, Morgan Stanley, offering its wealth management clients access to bitcoin funds.
Crypto mining farms involve large investments in computer data centres which require vast amounts of power.
Pakistan has formed a federal committee to formulate a new crypto policy, even as neighboring India is planning to ban cryptocurrencies entirely. The cost of the mining project has yet to be determined.
“People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well,” Zia Ullah Bangash, advisor to the provincial government on science and technology said.
Both mining and trading in cryptocurrencies currently exists in a legal grey area in Pakistan, though, and federal authorities would have to provide a clear path towards legalizing the sector before it could be formally opened to investors.
In 2018, the State Bank of Pakistan said cryptocurrencies were not legal tender and the regulator had not authorized anyone to deal in them in the country. Pakistan also is currently on the global Financial Action Task Force grey list, and one of the areas the global money laundering watchdog has asked Islamabad to better regulate is cryptocurrencies.
Still, mining and trading in cryptocurrencies thrives in Pakistan, with apps like Binance and Coinbase among the most popular downloads in the country, according to web analytics company SimilarWeb.
“It’s really just our government that is not participating right now, people all over Pakistan are already working on this, either mining or trading in cryptocurrencies and they are earning an income from it,” Bangash said. “We are hoping to bring this to a government level so things can be controlled and online fraud or other scams can be prevented.”
Pakistani northwest province plans to build pilot crypto currency mining farms
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Pakistani northwest province plans to build pilot crypto currency mining farms
- Pakistan has formed federal committee to formulate new crypto policy as neighboring India plans to ban cryptocurrencies
- Announcement comes as digital currencies are gaining mainstream acceptance with Bitcoin’s price reaching record levels
Pakistan police detain teen girl radicalized online in suspected suicide bombing plot
- The girl was targeted online by the Baloch Liberation Army, which was designated as a terrorist group by the US this year
- In 2022, a female suicide bomber affiliated with the BLA killed three Chinese teachers near a university campus in Karachi
KARACHI: Police in Pakistan detained a teenage girl who was radicalized and recruited online by an outlawed separatist group to carry out a “major suicide attack,” authorities said Monday.
No criminal charges will be filed and she will be placed under state protection as “a victim rather than a suspect,” Sindh provincial Home Minister Ziaul Hassan said at a news conference.
The girl was detained during a routine police check on buses as she traveled to Karachi, the Sindh province capital, from southwestern Balochistan province to meet a handler, Hassan said.
The girl was targeted online by the Baloch Liberation Army, which was designated as a terrorist group by the United States earlier this year. The group convinced the girl that carrying out an attack would bring her honor and recognition within the Baloch community, similar to other women who have carried out suicide bombings against security forces, Hassan said.
“The girl appeared confused when police officers asked her routine questions,” said Hassan, who added that she was taken to a police facility and disclosed months of contact with militants through social media platforms including Facebook and Instagram.
The girl appeared with her mother at a news conference but her face was covered and her name and age were withheld. Police showed a video statement she made with details about her contacts with BLA and how she agreed to carry out a suicide attack.
Pakistan’s Information Minister Attaullah Tarar condemned BLA and other separatist groups for luring people toward violence and said detaining the girl prevented a potential large loss of life.
Baloch separatists have waged an insurgency since the early 2000s seeking greater autonomy and in some cases independence from Pakistan while demanding a larger share of natural resources.
Authorities said the group has attempted to increase its use of female attackers in recent years. A female suicide bomber affiliated with BLA killed three Chinese teachers in 2022 near a university campus in Karachi.
