The chairman of Pakistan’s Crypto Council and the finance minister’s adviser stated that Pakistan intends to use some of its excess power for “Bitcoin mining and AI data centers”, adding that it has already had discussions with a number of mining companies.

High power rates and excess generating capacity are two issues facing Pakistan’s energy sector. As more customers look to alternative energy sources to offset high costs, the rapidly growing solar energy market has added to the difficulty of the situation.

In addition the council’s chief executive officer, Bilal Bin Saqib, informed that the ultimate site of the mining center will depend on where there is sufficient electricity available.

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Changpeng Zhao, the creator of Binance, will act as a strategic consultant to the Pakistan Crypto Council, according to documents seen by a report.

Pakistan Is In The Top 10 Global Crypto Users

In May of last year, Zhao admitted to breaking U.S. anti-money laundering regulations at the biggest bitcoin exchange in the world and was given a 4-month prison sentence.

Supporting blockchain infrastructure, offering regulatory framework advice, and helping with national projects like digital currency, mining, and blockchain education for young people are all part of his responsibilities on the Pakistan council.

According to Saqib, the nation has (15–20 million) cryptocurrency users and is the 3rd-largest freelancer economy in the world, with a burgeoning fintech sector. “Pakistan is in the (top 10) global crypto users despite it not being regularized,” he explained. He also stated that “he wants governmental sandboxes, or secure areas for testing, to promote creativity and development in the fintech and freelancer economy”.

Updating Pakistan’s youth in blockchain and artificial intelligence (AI) can boost exports through digital services, increase employment, and establish the nation as a global hub for up-and-coming tech talent.