Pakistan is seeking alternative means of putting its excess electricity to use with the creation of Bitcoin mining facilities as well as artificial intelligence (AI) data centers, according to the CEO of Pakistan’s Crypto Council and advisor to the nation’s finance minister, Bilal Bin Saqib.
With the challenge of high electricity prices as well as excess capacity in Pakistan’s power sector, the authorities are trying to tap this excess as a source of productive opportunity. The Crypto Council has already made initial contacts with multiple global mining companies with an intent of placing these mines in areas with high excess capacity of power.
Especially noteworthy is Changpeng Zhao, the co-founder of the world’s largest virtual currency exchange, Binance, who will serve as a strategic advisor for the Pakistan Crypto Council. Previously, Zhao had been sued in the U.S. on money laundering grounds, but he will help Pakistan with providing advice for blockchain development infrastructure, policies on regulation, digital currency projects, as well as blockchain-oriented youth education.
Hailing the growth prospects of technology, Saqib pointed out that Pakistan is among the top ten such countries in terms of adoption rates for digital currencies, even without formal regulations in place. He observed the country has a strong freelance economy with as high as 15-20 million crypto users in active use.
In addition to facilitating innovation, Saqib is for institution of sandboxes as means of testing new fintech products and services in a secure environment. He emphasized the importance of educating Pakistani youth in blockchain technology as well as in AI technology, in his view essential for job creation, digital service export development, as well as making Pakistan an international center of tech talent.
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