Cryptocurrency mining is not just a secondary source of income for the tech-savvy cryptocurrency enthusiasts anymore. Over the past few years, the meteoric growth of the crypto industry has drawn the attention of regulators from all across the globe, with some even looking to make cryptocurrency mining a regulated process.
On this note, a recent report from local media outlet BOL News, the government of Khyber Pakhtunkhwa (KP), the third-largest of Pakistan’s four semi-autonomous provinces, is set to establish two state-backed bitcoin mining farms.
According to Ziaullah Bangash, advisor to the chief minister of KP on Science and Information Technology, the provincial parliament has passed a bill that allows the regulators in KP to use its monetary resources to establish these facilities.
Besides this, a separate no-objection certificate has also been passed that allows residents to launch and issue their own cryptocurrencies without having to worry about any kid of legal backlashes.
KP province had previously legalized cryptocurrency mining and the recent move marks one of the first instances of a government using its funds to mine Bitcoin for profit.
Pakistan hasn’t been too open-minded towards Bitcoin and cryptocurrencies in general, but local governments have slowly pushed for regulations that’s would help advance the broader acceptance of virtual currencies.
The KP province can be credited for leading various efforts in this regard. The province’s climatic conditions also favor Bitcoin mining, a process that consumes a lot of energy, which in turn benefits the local economy.
In 2020, the KP Assembly headed by Bangash had passed a resolution to Pakistan’s central government that aimed at legalizing Bitcoin mining and ownership across the nation. The resolution stated:
“We appeal the central government to carefully consider our proposal for legalizing cryptocurrency.”
First Private Crypto mining Farm Launched
The recent event also coincided with the launch of the nation’s first private bitcoin mining farm by the nation’s popular TV celebrity turned crypto evangelist named Waqar Zaka. Zaka has been leading the crypto battle in the nation and has worked to develop the crypto industry there.
Zaka tweeted about this while thanking Bangash for the legal backing. He said:
“After years of struggle, I am launching the biggest crypto mining farm in KPK where you all can invest & earn.”Bangash also added that “in future, the help of Waqar Zaka will be sought” in the KP administration’s crypto mining plans.