Islamabad:
The International Monetary Fund (IMF) has sought an explanation of the Government so as not to take it in confidence while reserving 2,000 megawatts of electricity for Bitcoins mining data centers and AI.
The sources told Express News that IMF officials will address the problem with the government during virtual interaction. They declared that the IMF has asked how such assignment could be made without deciding the legal status of the cryptocurrency.
The fund has said that all decisions should be made within the framework of the IMF program after mutual consultation. The sources said the government team will face difficult questions during their conversations about the new fiscal budget. They said that both parties have agreed to make virtual consultations on all matters.
A report quoted by the Ministry of Finance last week that Pakistan has assigned 2,000 megawatts of electricity for Bitcoins mining data centers and AI as part of the first phase of a national initiative that seeks to transform Pakistan into a global leader in digital innovation.
This initiative is directed by the Crypto Council of Pakistan (PCC), an organization backed by the Government, as part of a broader plan to use excess electricity, generate high -tech employment and attract foreign investments, according to the Ministry.
The allocation is the first stage of a larger digital infrastructure deployment of multiple phases, which marks a significant milestone in the digital transformation of Pakistan, he added.
The Ministry of Finance said that the next developments are likely to present facilities with renewable energy, strategic global associations with the main Blockchain and AI companies, and the creation of Fintech and innovation centers.
