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
https://arab.news/c5ka4
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 court directs authorities to form medical board to assess Imran Khan’s eye condition
- Islamabad High Court rejects jailed ex-PM’s request for immediate transfer to private hospital
- Medical board comprising doctors from PIMS and Shifa to submit report on possible transfer
ISLAMABAD: A Pakistani high court on Thursday directed authorities to form a medical board of government doctors to assess whether jailed former prime minister Imran Khan needs to be transferred to a hospital, his party said, following a rejection of his request to be moved to a private facility for treatment.
The development comes after the Pakistan Institute of Medical Sciences (PIMS) said last week that Khan’s vision had “improved remarkably” since he was given an Anti-VEGF injection amid concerns related to his eyesight.
Anti-VEGF injections are commonly used to treat retinal vein occlusion and other retinal vascular disorders by reducing swelling and abnormal blood vessel growth inside the eye. Prior to the development, the ex-premier had complained of rapid deterioration in vision in one of his eyes.
“The Islamabad High Court has rejected Imran Khan’s request for immediate transfer to Shifa International Hospital,” the Pakistan Tehreek-e-Insaf (PTI) party said in a post on X.
“The court directed that the Chief Commissioner immediately constitute a medical board comprising doctors from PIMS and Shifa Hospital,” it continued. “The medical board will submit a report, on the basis of which the Chief Commissioner will decide whether a hospital transfer is to take place or not.”
The PTI said the court’s decision had raised questions over the judiciary’s independence.
“Delaying a medical emergency and handing it over to administrative discretion is a violation of human rights,” it said. “The issue of Imran Khan’s health is not just about one individual but reflects the entire judicial and state system.”
The 74-year-old cricketer-turned politician has been in prison since August 2023 in cases that he and his party say are politically motivated.
Khan was taken to PIMS for a medical procedure earlier this year, as his party questioned the transparency of the medical update and demanded independent access to his care.
Khan was removed from office in April 2022 through a parliamentary vote of no confidence that he says was orchestrated at the behest of the former administration in Washington by his political rivals with backing from the military. His allegation has been denied by all parties involved.
Since his imprisonment, Khan has faced multiple convictions and ongoing legal proceedings that authorities say follow due process, while his party describes them as efforts to sideline him from politics.
