No Subsidies: IMF Halts Pakistan’s Subsidized Power for Crypto Miners
- The IMF rejected Pakistan’s plan to offer subsidized electricity for crypto mining.
- The proposal seeks to utilize surplus power and boost crypto activity.
- Despite the setback, Pakistan continues to engage with international bodies to explore a more acceptable framework.
The International Monetary Fund (IMF) has rejected Pakistan’s proposal to provide subsidized electricity tariffs for cryptocurrency mining operations, citing concerns that such a move would create economic imbalances and distort the nation’s fragile energy market.
Notably, the proposal aimed to boost electricity consumption and incentivize crypto-related industrial activity. It was presented by the Power Division in 2024 but failed to gain traction with the global lender.
Secretary of Power Fakhray Alam Irfan briefed the Senate Standing Committee on Power, chaired by Senator Mohsin Aziz, on the ongoing discussions. According to Irfan, the IMF declined a subsidy framework on the grounds that it could further burden the already fragile energy sector and undermine pricing transparency.
Related: IMF Warns Pakistan Over Bitcoin Reserve Amid Energy and Legal Concerns
A Timeline of Reje…
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No Subsidies: IMF Halts Pakistan’s Subsidized Power for Crypto Miners
- The IMF rejected Pakistan’s plan to offer subsidized electricity for crypto mining.
- The proposal seeks to utilize surplus power and boost crypto activity.
- Despite the setback, Pakistan continues to engage with international bodies to explore a more acceptable framework.
The International Monetary Fund (IMF) has rejected Pakistan’s proposal to provide subsidized electricity tariffs for cryptocurrency mining operations, citing concerns that such a move would create economic imbalances and distort the nation’s fragile energy market.
Notably, the proposal aimed to boost electricity consumption and incentivize crypto-related industrial activity. It was presented by the Power Division in 2024 but failed to gain traction with the global lender.
Secretary of Power Fakhray Alam Irfan briefed the Senate Standing Committee on Power, chaired by Senator Mohsin Aziz, on the ongoing discussions. According to Irfan, the IMF declined a subsidy framework on the grounds that it could further burden the already fragile energy sector and undermine pricing transparency.
Related: IMF Warns Pakistan Over Bitcoin Reserve Amid Energy and Legal Concerns
A Timeline of Reje…
The post No Subsidies: IMF Halts Pakistan’s Subsidized Power for Crypto Miners appeared first on Coin Edition.
Read More
FedWatch Projects 84.6% Chance of US Fed Rate Cut in September