IMF’s Bitcoin Drama: Pakistan’s Power Play or Power Fail? 💥

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So, the International Monetary Fund (IMF) is throwing a fit over Pakistan’s brilliant idea to allocate a whopping 2,000 megawatts of electricity for Bitcoin mining and AI data centers. Because, you know, who needs power for hospitals or schools when you can mine digital coins? 🙄

This genius initiative, which was announced last week, aims to lure in autonomous miners, blockchain companies, and AI firms to Pakistan. Because nothing says “welcome” like a power shortage and a side of fiscal chaos! 🎉

But wait, the IMF has raised some red flags—like, the kind you see at a bullfight. They want urgent clarification from the Finance Ministry about the legality of crypto mining and the power allocations. I mean, it’s not like Pakistan is already struggling with chronic energy shortages or anything. 😬

According to local news outlets Samaa, the IMF wasn’t even consulted before this announcement. They’re now questioning the legal standing of cryptocurrencies in Pakistan. And let’s not forget their concerns about power tariffs and resource distribution. Because who doesn’t love a good power struggle? ⚡

“There’s a fear of more tough talks from the IMF on this initiative,” said an official involved in the negotiations. “The economic team is already facing stiff questions, and this move has only added to the complexities of the talks.” Sounds like a real party! 🎊

IMF Plans Special Session on Bitcoin Mining Plan

The IMF delegation, currently conducting virtual discussions with Pakistani officials (probably while wearing pajamas), is expected to schedule a separate session dedicated to the government’s electricity plan for Bitcoin (BTC) mining and AI operations. Because nothing says “serious business” like a Zoom call! 💻

This electricity allocation is part of a grand national strategy to integrate digital assets into Pakistan’s economy. A key component of this plan is the establishment of the Pakistan Digital Asset Authority (PDAA), which was approved by the Finance Ministry on May 21. Yes, because we all know how well government agencies handle digital assets! 🙃

The PDAA will regulate exchanges, wallets, stablecoins, and DeFi platforms while overseeing the tokenization of national assets in line with international frameworks like those of the Financial Action Task Force (FATF). Sounds like a lot of fun, right? 🎢

This development follows Pakistan’s high-profile debut of its first strategic Bitcoin reserve at the Bitcoin Vegas 2025 conference last week. Yes, because nothing screams “serious finance” like a conference in Vegas! 🎰

During the conference, Bilal bin Saqib, crypto adviser to Prime Minister Shehbaz Sharif, announced the launch of a national Bitcoin wallet and the government’s commitment to support the digital asset sector. Because who doesn’t want a wallet full of digital coins? 🤑

Pakistan Signals New Approach to Crypto Sector

Pakistan’s government began shifting its stance on cryptocurrencies earlier this year with the proposal of a “National Crypto Council” in February 2025. Because if you can’t beat them, might as well join them, right? 🤷‍♀️

This body was tasked with drafting a comprehensive regulatory framework for digital assets and attracting foreign investment to the country’s growing crypto ecosystem. Because who doesn’t want to invest in a country with a power crisis? 💸

Among the Council’s early proposals were plans to utilize surplus energy for Bitcoin mining and data center operations, as well as building a national Bitcoin reserve. Because surplus energy is just sitting there, waiting to be used for something productive! 😅

Binance co-founder Changpeng Zhao was also appointed as an adviser to the Council in April. In this role, he is expected to provide guidance on crypto regulations, blockchain infrastructure, and digital asset adoption. Because if anyone can save the day, it’s a guy from Binance! 🦸‍♂️

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2025-05-31 13:25