Bilal bin Saqib has suggested that the runoff energy from Pakistan could be used to power Bitcoin.BTCThe Crypto Council held its inaugural meeting on 21 March.
An overview article The Nation’s council has been established exploring comprehensive regulatory frameworks for cryptocurrencies To attract foreign direct investment, and to establish Pakistan as an international crypto hub.
Participants in the meeting were members of parliament, the governor of the Bank of Pakistan, chairman of the Securities and Exchange Commission of Pakistan (SECP), and federal IT secretary. Senator Muhammad Aurangzeb said this about the meeting.
“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.”
The Crypto Council marks a significant departure in the Pakistani government’s previous position on cryptocurrency. Aisha Pasha, a former state minister for revenue and finance, said in May 2023 crypto would never be legal The country.
Pasha said that the main reason for the government’s anti-cryptostance was the Financial Action Task Force’s (FATF’s) anti-money laundering regulations.
Bitcoin mining can help stabilize the electrical grid. Source: Science Direct
Related: Pakistan eyes crypto legal framework to boost foreign investment
Pakistan joins the United States to embrace crypto
Pakistan has moved to regulate cryptocurrencies as legal tender on November 4, 2024 — the same day as the elections in the United States.
Follow the re-election of Donald Trump Trump, after the inauguration of Donald Trump on Jan. 20, acted quickly to implement crypto policies at federal levels.
On January 23, 2017, President Trump issued an executive order. establishing the Working Group on Digital Assets — an executive advisory council tasked with exploring comprehensive regulatory reform on digital assets.
The President signs an executive order creating the President’s Working Group on Digital Assets. Source: The White House
In the order of Jan. 23, it was also forbidden for the government to research, develop, or issue a digital currency issued by a central banking system (CBDC).
Also, President Trump signed an executive Order creating a Bitcoin strategic reserve In March 2025, the US will probably have a digital stockpile that includes cryptocurrencies created by US firms.
Magazine: How crypto laws are changing across the world in 2025
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Source: cointelegraph.com
