Islamabad:
The International Monetary Fund (IMF) has sought an explanation from the government so as not to take it into confidence, while they allocated 2,000 megawatt electricity to Bitcoin mining and AI data centers.
Sources told Express News that the IMF officials will take up the issue with the government during a virtual interaction. They said the IMF has asked how such a allocation could be made without deciding the legal status of cryptocurrency.
The fund has said that all decisions must be made within the framework of the IMF program after mutual consultation. Sources said the government team will be subjected to harsh questions during its negotiations on the new fiscal budget. They said both sides have agreed to hold virtual consultation on all questions.
A report citing the Ministry of Finance said last week that Pakistan has awarded 2,000 megawatt electricity to Bitcoin mining and AI data centers as part of the first phase of a national initiative seeking to transform Pakistan into a global leader in digital innovation.
This initiative is led by Pakistan Crypto Council (PCC), a state -sponsored organization, as part of a broader plan to utilize excess electricity, generate high -tech employment and attract foreign investment, according to the ministry.
The award is the first phase of a larger, multi-phase-rolling out digital infrastructure that marks a significant milestone in Pakistan’s digital transformation, added.
The Ministry of Finance noted that the upcoming development is likely to have facilities driven by renewable energy, strategic global partnerships with top blockchain and AI companies and the creation of fintech and innovation hubs.
