ISLAMABAD (Reuters) - Pakistan plans to allocate part of its surplus. He also said that imparting skills to Pakistan's youth in blockchain and AI can lead to job creation and boost the economy, boost exports through digital services and establish the country as a hub for emerging tech talent on the global stage. The head of Pakistan's Crypto Council and adviser to the finance minister said on Wednesday that power will be supplied to a bitcoin mining and AI data centre, adding that he has held talks with several mining firms.
Pakistan's energy sector is grappling with challenges including high electricity charges and surplus generation capacity.
The rapid expansion of solar power has further complicated the scenario, as more consumers are turning to alternative energy sources to reduce high costs.
Bilal Bin Saqib, the council's chief executive, told Reuters that the location of the mining centre will be finalised based on the availability of excess power in specific areas.
Documents seen by Reuters outline the role of Binance founder Changpeng Zhao, who will serve as a strategic adviser to the Pakistan Crypto Council.
Zhao was sentenced to four months in prison in May last year after pleading guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange.
His role at the Pakistan Council will include supporting blockchain infrastructure, advising on regulatory frameworks and assisting in national initiatives such as youth education in digital currency, mining and blockchain technologies.
Saqib said the country has 15-20 million crypto users and is the third-largest global freelancer economy, with a growing fintech space.
"Pakistan is among the top 10 global crypto adopters, even though it is not regulated," he said.
Saqib said he wanted a regulatory sandbox or safe environment for testing to foster innovation and growth in fintech and the freelancer economy.
He also said that upskilling Pakistan’s youth in blockchain and AI could boost job creation and the economy, boost exports through digital services, and establish the country as a hub for emerging tech talent on the global stage.
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