A State Assembly in Pakistan passed a resolution this week demanding laws for the ownership of cryptocurrency and Bitcoin mining, Zia Ullah Bangash, an adviser to the government, tweeted on Wednesday.
“We are appealing to central government to carefully consider our proposal for the legalization of cryptocurrency,” the decision read.
The proposal was passed by various advisers and ministers and referred to the prime minister of Khyber Pakhtunkhwa province, a mountainous region in northern Pakistan. It was unanimously signed, meaning that the decision was not passed with any backlash or opposition from other members of parliament.
Pakistan, home to 212 million people, is tackling a degrading economy and is forever on the “High alert” border situation with neighboring India. It faces “serious economic issues, ”In line with the Middle East policy think-tank MEI, and has seen a decline in its economic output this year in line with the World Bank.
But crypto offers a way out, at least according to some ministers from Pakistan. They cite the cold natural environment of the Khyber Pakhtunkhwa region, cheap power, and the availability of manpower are the classic trifecta of all conditions required to profitably mine Bitcoin and other cryptocurrencies.
Miners also need ownership laws if they are to benefit from their efforts. At present, Bitcoin ownership is illegal in Pakistan and harsh action has been taken in the past against the convicts. There were even two individuals arrest earlier this year after they were discovered trading cryptocurrencies – setting a precedent for others who participated in crypto. But the decision aims to change this.
Meanwhile, some individuals are fighting for their rights and the crypto industry (and maybe some nice profits). Waqar Zaka, a self-styled crypto influencer known in the country for his work in the sector, today said he set up a crypto mining farm in the country, ahead of a pending court case against he does that.
Local publications has since announced the Zaka mining farm and its efforts to push for the decision in Khyber Pakhtunkhwa for jumping up the local economy.