Pakistan Crypto Council CEO Highlights Potential of Using Excess Electricity for Bitcoin Mining
Bilal bin Saqib, CEO of the Pakistan Crypto Council (PCC), emphasized the need to use additional electricity for Bitcoin mining, suggesting that it could potentially transform the country’s liabilities into assets.
During the inaugural meeting of the Pakistan Crypto Council, chaired by Federal Finance Minister Senator Muhammad Aurangzeb, Bilal bin Saqib presented a comprehensive vision and mission for the council. He proposed leveraging Pakistan’s surplus electricity for Bitcoin mining, stating that it could potentially convert the country’s liabilities into valuable assets.
The CEO shed light on the current state of Pakistan’s crypto landscape and the challenges and obstacles related to the widespread adoption of cryptocurrencies. The meeting focused on Pakistan’s untapped potential in the crypto space.
Bilal bin Saqib stressed the importance of using regulatory models that can be tailored to Pakistan’s unique context. Senator Aurangzeb praised this vision, highlighting the role of the council in shaping Pakistan’s future in the world of digital assets.
He stated that the Pakistan Crypto Council would act as an umbrella platform, uniting all relevant stakeholders and regulatory bodies to work collaboratively towards a comprehensive, responsible, and forward-looking crypto regulatory framework.
Senator Aurangzeb described this initiative as the beginning of a new digital chapter for Pakistan’s economy. He reiterated the commitment to building a transparent and future-ready financial system that would attract investment, empower the youth, and position Pakistan as a global leader in emerging technologies.
The federal minister emphasized that while Pakistan can learn from global best practices, it is crucial to ensure that the country’s business and revenue models are deeply rooted in local realities. He also highlighted the need to advance the work done by various institutions and groups.
Council members, including the Governor of the State Bank of Pakistan, the Chairman of SECP, and the Secretaries of Federal IT and Law, also participated in the discussions, emphasizing the need for a clear regulatory framework, legislation, and licensing system.
The meeting underscored the importance of consumer protection, blockchain mining, and a national blockchain policy. The rollout schedule, the running of pilot programs, and ensuring compliance with international responsibilities were also discussed.
The meeting concluded with a collective commitment to ensure that Pakistan can fully capitalize on the potential of blockchain and cryptocurrencies while safeguarding its economic interests.
