NA finance body deliberates over crypto council, electricity allocation

ISLAMABAD: The National Assembly’s standing committee on finance in a session on Thursday decided to get briefings from the Pakistan Crypto Council (PCC) and the energy ministry.

The committee was deliberating over the government’s allocation of 2000 MW electricity for Bitcoin Mining and Artificial Intelligence Data Centers.

Shahida Begum MNA remarked that the country’s youth could not purchase instruments for crypto mining during deliberations of the NA body over crypto mining issue.

“If the government itself wants to conduct crypto mining or the private sector will do it,” Usama Ahmed Mela questioned. “Earlier, Hawala, Hundi were the means, now the money goes out with crypto,” PTI member remarked.

PPP’s Mirza Ikhtiar Baig questioned why the industry not being given to crypto instead of allocation of 2000 megawatts of electricity.

State Bank of Pakistan representative on a question said that the central bank’s policy has not been changed over the crypto currency.

“How, the Pakistan Crypto Council (PCC) constituted without the Parliament and the State Bank,” chairman committee questioned.

“The Prime Minister has formed the crypto council with an executive order,” secretary finance replied.

The NA committee decided to get briefings from the crypto council and from the secretary power over allocation of 2000 MW electricity.

According to Finance Division, the ambitious initiative is part of a broader strategy to monetize surplus electricity, create high-tech jobs, attract billions of dollars in Foreign Direct Investment, and generate billions of dollars for the government.