Pakistan to Create Bitcoin Reserve Fund

The Pakistani government, previously known for its negative stance on cryptocurrencies, has unexpectedly announced plans to create a state-owned Bitcoin strategic reserve fund.

The move was a complete reversal of the previous policy, when in 2023, Finance Minister Aisha Ghaus Pasha officially announced her intention to ban any services related to digital assets, emphasizing that legalization of trading in virtual currencies is impossible. A similar position was supported by the head of the country's central bank, Sohail Javat, who advocated for tougher legislative measures regarding the crypto industry.

However, as reported by the head of the Pakistan Cryptocurrency Council Bilal Bin Saqib, there has been a complete revision of the approach. He said that the government of the country will establish a state strategic reserve fund for bitcoins. He also thanked the US authorities, who inspired officials to take such a step. The details of the formation of this reserve remain classified for now, but it is already possible to talk about the seriousness of the authorities' intentions.

The Ministry of Finance recently approved the allocation of 2,000 megawatts of electricity for cryptocurrency mining, indicating a willingness to develop mining infrastructure.