Pakistan just dropped plan that’s got the IMF raising eyebrows like they’ve seen a ghost in the boardroom.
The government’s idea? To hand over a nice 2,000 megawatts of electricity to Bitcoin mining and AI data centers.
Now, hold on a second. This is a pretty massive power grab in a country already juggling chronic energy shortages and a budget tighter than your boss’s patience on a Monday morning.
Where’s the IMF’s approval?
The IMF, the self-proclaimed big financial watchdog, was left out of the loop on this one.
They weren’t even consulted before Pakistan announced this electricity allocation. Naturally, they’re now demanding urgent answers from the Finance Ministry about whether crypto mining is even legal in Pakistan.
They’re also worried about how this move could mess with power tariffs and who gets what share of the country’s limited electricity pie.
An insider close to the negotiations spilled the beans, saying the economic team is already sweating bullets over tough IMF questions.
And now, this Bitcoin mining plan? It’s like pouring gasoline on a fire, complicating talks and raising red flags everywhere.
Panic and promises
We don’t have to say, but the IMF isn’t just sitting quietly, but they’re planning a special session to dig deep into Pakistan’s electricity strategy for crypto and AI operations.
This is serious stuff because it ties into Pakistan’s bigger digital dream, namely rolling out the Pakistan Digital Asset Authority.
Approved just this May, the PDAA is set to regulate everything from exchanges and wallets to stablecoins and DeFi platforms, aligning with global standards like those from the Financial Action Task Force.
This move follows Pakistan’s flashy debut of its first strategic Bitcoin reserve at the Bitcoin Vegas 2025 conference last week.
At the event, Bilal bin Saqib, the crypto adviser to Prime Minister Shehbaz Sharif, announced a national Bitcoin wallet and promised government backing for the crypto sector. It’s like Pakistan’s saying, we’re in the game now, guys.
Remember the name
Earlier this year, the government started warming up to crypto with the creation of the National Crypto Council. This council’s job?
Crafting rules to attract foreign investors and build Pakistan’s crypto ecosystem.
They even proposed using surplus energy for Bitcoin mining and data centers, plus setting up a national Bitcoin reserve.
Oh, and guess who’s on board? Binance co-founder Changpeng Zhao, advising on regulations and blockchain infrastructure since April.
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