GUYS! PAKISTANI PROVINCE PLANS TO BUILD PILOT CRYPTOCURRENCY MINING FARMS ~

The Pakistani province of "Khyber Pakhtunkhwa" is planning to build two hydroelectric-powered pilot “mining farms” to capitalise on a bullish global cryptocurrency market, a minister overseeing a new government crypto policy told Reuters on Wednesday.

The announcement comes as cryptocurrencies are gaining mainstream acceptance, with Bitcoin’s price reaching record levels as investors such as Elon Musk pour funds into it, and the first big U.S. bank, Morgan Stanley, offering its wealth management clients access to (bitcoin funds).

~Crypto mining farms involve large investments in computer data centers which require vast amounts of power.

Pakistan has formed a federal committee to formulate a new crypto policy, even as neighboring India is planning to ban cryptocurrencies entirely. The cost of the mining project has yet to be determined.

“People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well.

Both mining and trading in cryptocurrencies currently exists in a legal grey area in Pakistan, though, and federal authorities would have to provide a clear path towards legalizing the sector before it could be formally opened to investors.

Still, mining and trading in cryptocurrencies thrives in Pakistan, with apps like Binance and Coinbase among the most popular downloads in the country. “It’s really just our government that is not participating right now, people all over Pakistan are already working on this, either mining or trading in cryptocurrencies and they are earning an income from it,” Bangash said. “We are hoping to bring this to a government level so things can be controlled and online fraud or other scams can be prevented.”