A Pakistani state assembly passed a resolution this week calling for laws on ownership of cryptocurrencies and Bitcoin Mining, Zia Ullah Bangash, a government adviser, tweeted on Wednesday.
“We appeal to the central government to carefully examine our proposal to legalize cryptocurrency,” the resolution said.
The application was accepted by various advisers and ministers and addressed to the Prime Minister of Khyber Pakhtunkhwa Province, a mountainous region in northern Pakistan. It was signed unanimously, which means that the resolution was not rejected by either other MPs or any other MPs.
Pakistan, home to 212 million people, is grappling with a deteriorating economy and is constantly on the move “high alert” Border situation to neighboring India. It faces “serious economic problems, ”According to the Middle East Policy Think Tank CANand has seen its economic output decline this year World bank.
But crypto offers a way out, at least according to some Pakistani ministers. They state that the naturally cool environment, cheap electricity and the availability of labor in the Khyber Pakhtunkhwa region are the classic trifecta of all conditions required to profitably mine Bitcoin and other cryptocurrencies.
Miners also need property laws to benefit from their efforts. Bitcoin possession is currently illegal in Pakistan and strict measures have been taken in the past against those found guilty. Two people were straight arrested Earlier this year after they were discovered to be trading cryptocurrencies – a precedent for others who have participated in crypto. However, the resolution aims to change that.
In the meantime, some individuals are fighting for their rights and the crypto industry (and maybe some nice profits). Waqar Zaka, a self-proclaimed crypto influencer best known in the country for his work in the sector, said today that he set up a crypto mining farm in the country prior to a pending court case against he does it.
Local publications have since announced Zaka’s mountain farm and efforts to push for the resolution in Khyber Pakhtunkhwa to boost the local economy.