Authorities have opened two state-owned bitcoin (BTC) mining farms in the Khyber Pakhtunkhwa (KP) province of Pakistan. Pakistan, which, just like India, used to have a harsh position against bitcoin and other cryptos, is now adopting the innovative full-armed digital asset class.
Pakistan Starts Bitcoin Mining Full-Scale
Although more and more institutional investors have been accepted by the crypto-space since the past year, it appears that 2021 might just be the year that governments will start latching onto the fast-moving bitcoin train.
Khyber Pakhtunkhwa (KP), one of the four provinces in Pakistan, has announced the launch of two state-controlled bitcoin mining farms in the area in the latest progress, making it one of the very first nations in the world to accomplish such an achievement.
It is worth noting that last December, the KP Assembly unanimously passed a resolution to legalize the region’s cryptocurrency and bitcoin mining. In the same way, laws granting people the legal rights to launch their own digital currencies have also been introduced by the authorities.
A Change of Heart
Over the years, Pakistan, a nation situated in the northwest of the Indian subcontinent in South Asia, has been dealing with a severe economic crisis due to political turmoil, civil unrest and the raging flames of the COVID-19 pandemic.
The State Bank of Pakistan (SBP) declared the same draconian legislation in April 2018, shortly after India’s apex bank banned all financial institutions under its purview from serving crypto-related firms.
With nations like the U.S., South Korea, and others now starting to see bitcoin and other crypto assets in a favorable light, however, Pakistan has latched onto the trend in an effort to relieve its sufferings, combined with its economic hardship.
The government’s forward-thinking move could make the country a juicy hub for blockchain-focused companies, with bitcoin and other crypto assets now legal in Pakistan, a nation of more than 220 million citizens, potentially helping it to generate more revenue in addition to its bitcoin mining income.