While countries like Nigeria and India are clamping down on cryptocurrencies, other places like the Khyber Pakhtunkhwa province in Pakistan are making moves to becoming stakeholders in the crypto economy.
The Pakistani province of Khyber Pakhtunkhwa or KP revealed on Wednesday that it is making moves to set up two pilot crypto mining farms.
KP formed an advisory committee for cryptocurrency and crypto mining and held its first annual meeting where it discussed ways to regulate, legalize and necessary legislation.
The advisor to the provincial government on science and technology Zia Ullah Bangash posted on Twitter that setting up the committee is one of the serious steps the KP government is regarding crypto and crypto mining.
The cost of the mining project is not yet determined, but projects like this are capital intensive because it involves vast computer data centres that consume a huge amount of power.
The current price of bitcoin is $58,081.63, increasing by 5.52% in the last 24 hours. Bitcoin’s current market cap of $1.08T and market volume of $62.36B. In the last 24 hours, bitcoin has dropped to $54,201.70 and experienced a 24 hours high of $59,495.37. Currently, 18,657,231.25 bitcoins are in circulation.
Stats and Image from Coin Desk
Bangash said the province encourages investment from investors, stating that the project will be lucrative to them and the province, as KP has the potential for crypto mining like the right weather and hydropower.
The State Bank of Pakistan had earlier declared cryptocurrencies as illegal tenders and prohibiting people from using them in 2018.
However, the use of crypto is booming among the citizens, and legal grey areas like KP are not affected by the rulings of the State Bank on crypto.