Islamabad:
The International Monetary Fund (IMF) asked for an explanation from the government for not having taken it with confidence while putting aside 2,000 megawatts of electricity for Bitcoin exploitation and AI data centers.
Sources have told Express News that IMF officials will tackle the problem with the government during a virtual interaction. They declared that the IMF had asked for how such a allowance could be made without deciding on the legal status of the cryptocurrency.
The fund said that all decisions should be made as part of the IMF program after mutual consultation. Sources have said that the government team was going to face difficult issues during its talks about the new budget budget. They said that the two parties had agreed to keep a virtual consultation on all questions.
A report citing the Ministry of Finance said last week that Pakistan had allocated 2,000 megawatts of electricity for Bitcoin exploitation and AI data centers as part of the first phase of a national initiative that seeks to transform Pakistan into a world leader in digital innovation.
This initiative is led by Pakistan Crypto Council (PCC), an organization supported by the government, as part of a wider plan to use excess electricity, generate high -tech employment and attract foreign investments, according to the ministry.
The allowance is the first step in a larger deployment in the digital infrastructure phase, marking an important step in the digital transformation of Pakistan, he added.
The Ministry of Finance noted that upcoming developments are likely to present installations supplied by renewable energies, strategic global partnerships with the best blockchain and AI companies, and the creation of finchis and innovation centers.
