Mining Industry Development Committee established in Pakistan – Bits Media

KP Crypto Advisory Committee formed in Pakistani province of Khyber Pakhtunkhwa to regulate cryptocurrency mining and the cryptoasset industry.

Ziaullah Bangash, Information Technology Advisor to the Minister of Khyber Pakhtunkhwa (Ziaulla bangash)
He reported on Twitter, what 17 Marta Committee has already held the first meeting. According to the Minister of Mahmoud Khan (Mahmood Khan), The province administration takes serious steps to develop cryptocurrencies and mining. To implement this initiative, consultations are held with technical specialists in the field of crypto assets.

Besides, The Committee is actively interacting with the Central Bank of Pakistan, Federal Tax Service of Pakistan and other departments. Bangash said, that the KP Crypto advisory committee was formed to discuss measures, which must be undertaken to regulate mining and its legalization, as well as for the development of relevant legislation.

At the meeting of the committee, it was decided to create several subcommittees to resolve issues, associated with blockchain, and providing technical support to the Chief Committee. At further meetings, these subcommets will be able to submit their proposals for consideration. It is also planned to organize training seminars on the topic of cryptocurrencies, To increase the awareness of people in this area.

The technical subcommittee has already been instructed to submit a detailed report on the installation of hydroelectric power plants, including the work of two mining farms, launched in this province several months ago. Note, that they were discovered with the financial support of the state. Bangash added, that weather conditions in the provinces are favorable for cryptocurrency extraction. Besides, Haibert Pakhtunhu has a huge hydropower potential, which can also be used to build new mining farms.

Haibert Pakhtunhuh became the first of the four provinces of Pakistan, in which the Mining and Cryptocurrency Committee was created. The Committee has long been calling for the Pakistan government to amend the laws at the federal level, to legalize cryptocurrencies in the whole country.

IN 2018 The Central Bank of Pakistan has banned commercial banks and financial organizations to process operations with digital assets. The regulator explained, that cryptocurrencies are not considered a legal means of payment. Despite this ban, Residents of Pakistan continue to invest in cryptocurrencies, minute them and trade. Therefore, last year, a commission on securities and exchanges of Pakistan (SECP) I took up the development of the regulatory framework for the regulation of cryptocurrencies.