SBP, Finance Ministry Working with Pakistan Crypto Council to Develop Virtual Assets Regulations

The State Bank of Pakistan (SBP) Friday said it is currently engaged with the Finance Division and Pakistan Crypto Council for developing an appropriate legal and regulatory framework for cryptocurrencies in Pakistan.

IMF Furious With Pakistan for Allocating 2,000MW Electricity to Bitcoin Mining Projects

The International Monetary Fund (IMF) isn’t happy with Pakistan over its decision to allocate 2,000 megawatts of electricity for Bitcoin mining and artificial intelligence (AI) data centres without consulting the lender under existing bailout conditions.
IMF officials have expressed concern over the move and are expected to raise the issue during upcoming virtual discussions with the federal government. The Fund questioned how such a major allocation could be made without first determining the legal status of cryptocurrency in the country.
The SBP and Finance Division are currently engaged with the Pakistan Crypto Council established by the Federal Government for, among others, developing an appropriate legal and regulatory framework for Virtual Assets (VAs) in Pakistan,” the central bank said in its statement.

“We understand that the legal and regulatory framework would provide the requisite clarity and legal coverage about the VAs ensuring consumer and investor protection,” the statement added.