Pakistan’s Government Mobilizes Toward New Crypto Mining Operations
Bitcoin’s hitting a new high when it comes to positive sentiment. Granted, having your cryptocurrency skyrocket its all-time high to more than twice its original within a matter of weeks tends to do that.
Bitcoin’s currently trading very close to its new ATH, as well, showing just how much money can be made in the process. With so much money flowing through the asset, many eyes took notice, with the Khyber Pakhtunkhwa (KP) province in Pakistan being a more noteworthy one.
Pakistan Starts Mining Bitcoin
The province has opted to, of all things, deploy two new Bitcoin mining farms, owned by the State, of course. Through one of the country’s four provinces doing this, Pakistan’s government officially enters the Bitcoin game in a very interesting fashion. Granted, its neighbors, Iran, has been at it for a while now, officially legalizing (And taxing) crypto mining operations within the country.
It should be noted that Pakistan isn’t just stepping into crypto, but doing so in a very high-profile manner. The country now stands as one of the first nations to go all-in behind Bitcoin the same way the country is doing within its North-West Frontier province. That same province had opted to legalize crypto mining a bit earlier, though it’s unclear if this was the plan all along, or a recent one.
A Change Of Heart To Try And Stabilize Itself
The resolution to legalize crypto mining itself was passed last year within the region, and unanimously at that. Through this legislation, residents of the province had been empowered to launch their own cryptocurrencies, as well.
The irony here is, much like India, the country was actually known for its very negative sentiment regarding cryptocurrencies as a whole. Even so, it seems that the country’s current circumstances of economic uncertainties, powered by political instability, civil unrest, and the ever-present COVID-19 pandemic, has spurred the government of the country to innovate. One of the primary moves of these innovations seems to be legalizing crypto and trying to profit off its success as quickly as it can.
2021 Set To Be An Important Year For Crypto
With this sudden change of heart and policy within the country regarding cryptocurrencies, Pakistan as a nation could see itself become one of the world’s blockchain hubs, though this is still a ways off. The country, consisting of 220 million people, could surely gain from the recent trends, as institutional investors have steadily been flowing into the crypto space throughout the year of 2020. As a result, 2021 stands as a very interesting year, quite possibly a turning point for the crypto space as to what the new norms would be.
