ISLAMABAD: Chairman of the Pakistan Virtual Assets Regulatory Authority (PVRCA), Bilal Bin Saqib, announced that cryptocurrency mining in the country will commence within a few weeks.
In an exclusive interview, he revealed that technologies for Bitcoin mining are now available, and mining cards can be installed at power plants. The first phase of mining is set to start shortly, which he said will address public concerns and allow Pakistan to sell surplus electricity in dollars.
Bilal Bin Saqib highlighted that while Pakistan lacked a legal framework for crypto transactions in the past, the government has now established the authority to regulate and license cryptocurrency activities.
He compared the introduction of crypto to emerging technologies like robotics and quantum computing, which governments regulate after initial adoption.
He emphasized that cryptocurrency adoption is being driven by Pakistan’s youth, who are already thinking ahead to 2030. The government aims to provide opportunities and ensure that investments are guided and experiential, benefiting the country economically.
The chairman also stated that P2P banking could play a bigger role in crypto transactions, and mining operations would enable Pakistan to convert excess electricity into foreign currency revenue. He stressed that global institutions are increasingly moving toward cryptocurrencies, and Pakistan must participate to maintain competitiveness.
Using examples like Singapore’s pilot security initiatives, he said Pakistan could fund crypto development through capital markets rather than relying solely on the IMF.
Bilal Bin Saqib concluded that crypto, robotics, and blockchain adoption would strengthen Pakistan’s economic integrity and global presence.