Surplus Energy for Bitcoin? Pakistan Signals a New Crypto Strategy

- Movement towards Entry into Pakistan's Digital Asset Industry - Discussion on Stabilizing Power Grid through Bitcoin Mining [Unblock Media] Pakistan is making strides to formally enter the digital asset industry. The newly established Crypto Council has proposed integrating Bitcoin mining with national energy policies, signaling the development of a regulatory framework for digital assets. The first meeting, held on March 21, saw attendance from key decision-makers, including the Governor of Pakistan's Central Bank, the Chairman of the Securities & Exchange Commission of Pakistan (SECP), and the Federal Minister for Information Technology. The primary agenda item was leveraging surplus electricity for Bitcoin mining. It is interpreted that the Pakistani government is considering the digital asset industry as a part of its national growth strategy. Bitcoin mining linked with energy supply is being recognized as a potential method to stabilize the power grid. By activating mining operations during times when renewable energy production exceeds demand, surplus electricity can be absorbed. During peak electricity demand periods, mining operations can be reduced to maintain a balanced power grid demand. This approach could be a practical solution for countries like Pakistan, which experience imbalances in power supply. The backdrop of this policy shift includes the potential for digital growth driven by a young population. Bilal bin Saqib, CEO of the Crypto Council, emphasized on March 20 via X (formerly Twitter), "Pakistan will no longer be a bystander. We want to lead in blockchain finance." He highlighted that 60% of Pakistan's population is under 30, presenting a strong workforce skilled in Web3 and significant market potential. Pakistan had effectively banned cryptocurrency trading up until 2022; however, the current discussions indicate a shift from a regulation-centric approach to one focused on market activation. Experts believe that with a clear regulatory framework for digital assets, Pakistan could attract international investment and achieve digital financial innovation. The establishment of the Crypto Council and its policy proposals are seen as strategic moves beyond mere energy utilization, aimed at actively constructing an economic growth model through digital assets. With further legislative development and infrastructure setup, Pakistan holds the potential to become the digital financial hub of South Asia.