ZyCrypto 2025-07-03 13:50:01

IMF Turns Down Pakistan’s Proposal To Subsidize Electricity For Bitcoin Mining: Report

The International Monetary Fund (IMF) has rejected Pakistan’s bid to offer subsidised electricity to Bitcoin mining operations, dealing a significant blow to the nation’s bold plans to become a regional crypto hub shortly after its high-profile debut of its first strategic Bitcoin reserve. While testifying before the Senate Standing Committee on Energy on Thursday, Secretary of Power Dr. Fakhray Alam Irfan said that the IMF was concerned about creating market distortions. The government had proposed allocating 2,000 megawatts from its 7,000 MW electricity surplus to cryptocurrency mining and other energy-intensive industries at rates of 23-24 Pakistani rupees ($0.08) per kilowatt-hour (kWh). But, the IMF remains skeptical despite surplus power during winter months, cautioning that such incentives resemble tax holidays that have historically undermined market efficiency. “As of now, the IMF has not agreed,” Irfan told lawmakers, suggesting that the project hasn’t been shelved entirely and is under review by the World Bank and other international partners. The IMF has raised red flags about how the government would transition the subsidized electricity back to market rates and contended that similar initiatives had previously failed to yield results. Pakistan’s Pivot Toward Crypto The development follows Pakistan’s creation of a “National Crypto Council” to oversee the formulation of a comprehensive regulatory framework for cryptocurrencies and to lure in foreign investors. The newly formed council tapped former Binance CEO Changpeng Zhao as strategic advisor. Pakistan’s crypto embrace also includes the announcement of a strategic Bitcoin reserve. Speaking at the Bitcoin 2025 conference in May, Pakistan Crypto Council CEO Bilal Bin Saqib revealed that the government followed the United States’ example in establishing a Bitcoin strategic reserve and is embracing pro-crypto regulatory policies. Saqib promised that the country would “never, ever sell” its holdings of the flagship cryptocurrency. Nonetheless, it’s still unknown how many Bitcoins the country plans to hold, and whether these assets will be bought or acquired via other means.

Enim loetud uudised

Bitmine’s Surge Boosts Crypto Market Amid US...
2025-07-04
HSBC Orion to launch MENA’s first digitally n...
2025-07-04
U.K and Singapore agree to join forces on adv...
2025-07-04
FTX Repayments Hit Roadblock in Dozens of Nat...
2025-07-04
How Zelenskyy's ‘suit’ became the center of a...
2025-07-04
📊 MAGACOIN FINANCE Presale Breakout Echoes So...
2025-07-04
Bitcoin options worth $3B to expire on July 4...
2025-07-04
Riot Platform’s Power Strategy Boosts Credits...
2025-07-04

Seotud uudised

SlowMist Cosine Reveals Sui Private Key Cannot Der...
04 Jul 2025
Bitcoin Options Expiry Near $3 Billion May Influen...
04 Jul 2025
Dogecoin Shows Bull Pennant Formation and Bullish...
04 Jul 2025
Avoid Losing Funds: Why Aptos and Sui Addresses Ar...
04 Jul 2025
Crypto Week Is Coming: Will These 3 Bills Send Bit...
04 Jul 2025
XRP’s Market Dynamics Capture Attention with Risin...
04 Jul 2025

Loe lahtiütlusest : Kogu meie veebisaidi, hüperlingitud saitide, seotud rakenduste, foorumite, ajaveebide, sotsiaalmeediakontode ja muude platvormide ("Sait") siin esitatud sisu on mõeldud ainult teie üldiseks teabeks, mis on hangitud kolmandate isikute allikatest. Me ei anna meie sisu osas mingeid garantiisid, sealhulgas täpsust ja ajakohastust, kuid mitte ainult. Ükski meie poolt pakutava sisu osa ei kujuta endast finantsnõustamist, õigusnõustamist ega muud nõustamist, mis on mõeldud teie konkreetseks toetumiseks mis tahes eesmärgil. Mis tahes kasutamine või sõltuvus meie sisust on ainuüksi omal vastutusel ja omal äranägemisel. Enne nende kasutamist peate oma teadustööd läbi viima, analüüsima ja kontrollima oma sisu. Kauplemine on väga riskantne tegevus, mis võib põhjustada suuri kahjusid, palun konsulteerige enne oma otsuse langetamist oma finantsnõustajaga. Meie saidi sisu ei tohi olla pakkumine ega pakkumine