Wednesday, April 14, 2021
Home Crypto News Market Two State-Backed Crypto Mining Farms Launched In Pakistan

Two State-Backed Crypto Mining Farms Launched In Pakistan

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In the Pakistani province of Khyber-Pakhtunkhwa, two mining farms with state support have been launched. This is one of the first precedents of state funding of cryptocurrency mining.

Read: Gemini Trust Supports Arsenum Investments To Apply For Bitcoin ETF In Canada

Ziaulla Bangash, an adviser to the Khyber Pakhtunkhwa Minister for Information Technology, said the province recently passed a law allowing such operations. A law has also been passed allowing individuals to issue and hold their cryptocurrencies.

Read: A Whale With $ 300 Million Invested In Crypto Releases Its Portfolio

The climatic conditions of the province favor Bitcoin mining as there are fairly high-altitude and cold area in Khyber Pakhtunkhwa. Last year, Bangash, together with members of the local legislative assembly, appealed to the central authorities of Pakistan to legalize Bitcoin mining and allow citizens to own digital currencies.

In November 2020, it was reported that the Securities and Exchange Commission of Pakistan (SECP) has prepared a consultation document on the regulation of cryptocurrencies in the country. SECP defines several types of digital assets, separately allocating tokens-shares and utility tokens.

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Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.


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