The government of Pakistan is looking to convert the unusual power generation assets in the country into projects to produce revenue by supporting intensive energy operations such as artificial intelligence and mining centers
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Pakistan will allocate 2000 megawatts (MW) of electricity in the first phase of the national initiative that aims to operate Bitcoin mining and artificial intelligence centers (AI), the Ministry of Finance announced on Sunday (May 25).
This step follows a recent government decision to legitimize encrypted currencies, with the aim of attracting international investments. In March, Islamabad established the Pakistan Exodation Council (PCC) under the Ministry of Finance to regulate Blockchain technology and digital assets.
Bilal bin Sakib, a businessman, chief adviser to the Minister of Finance in the Council.
According to the ministry’s statement, the initiative seeks to use the ability to generate electricity in Pakistan to create high -tech jobs, attract foreign direct investments, and generate additional government revenues.
Finance Minister Mohamed Uranzib described the allocation as a basic step in the continuous digital transformation of Pakistan. He said it aims to take advantage of the extra energy to push international innovation and investment.
“Pakistan is in a unique and economically unique position to serve as a global center for data centers,” the ministry stated, highlighting the capabilities of Pakistan to connect Asia, Europe and the Middle East.
Since PCC has been formed, many international bitcoin mines and data infrastructure companies have expressed interest, with many visitors to exploratory discussions. The Ministry expects to increase the international interest after the last announcement.
The government intends to convert unused power generation assets in the country into revenue producing projects by supporting capacitable energy operations such as artificial intelligence and mining data centers in Bitcoin.
Bilal Bin Sakb emphasized that the appropriate organization and transparency can put Pakistan as an important international player in the cryptocurrency and artificial intelligence techniques. He pointed out that the initiative can help generate foreign exchange profits by attracting bitcoin mining operations and perhaps allowing the government to collect bitcoin reserves directly.
According to the Ministry, Pakistan offers competitive advantages on regional competitors such as India and Singapore due to stable energy costs at reasonable prices. In addition, global demand for artificial intelligence centers exceeds the available offer, and provides opportunities for countries with surplus energy ability.
Pakistan’s digital connection received a recent batch with the drop of the Africa -2 cable, a 45,000 km Internet cable linking 33 countries, which greatly enhances the internet infrastructure in the country.
With more than 40 million users of encrypted currencies, the establishment of local Amnesty International Data centers would address data sovereignty issues, enhance cybersecurity, and improve the provision of digital services, according to the ministry.
The initiative is expected to create thousands of direct and indirect jobs in areas such as engineering, information technology and data science.
This first stage is part of a broader multi -stage display plan. Future plans include renewable energy facilities using wind resources, solar and solar energy in Pakistan, strategic partnerships with Blockchain international companies and artificial intelligence companies, and the creation of innovation and innovation centers.
The statement added that the proposed incentives for infrastructure developers include tax holidays, customs exemptions and reduced taxes.
The ministry said: “Pakistan’s mixture of surplus energy, strategic geographical location, advanced communication, renewable energy resources, and digital population situations digitally, it is good to become a regional center for Web3 and AI and digital innovation.”
