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IMF Rejects Pakistan's Bitcoin Mining Energy Plan
Summary: The International Monetary Fund (IMF) has rejected Pakistan's plan to provide discounted electricity for cryptocurrency mining. The Secretary of the Pakistan Power Division informed the Senate Standing Committee on Power that the IMF believes the plan could exacerbate the burden on the power system and create market distortions. The Pakistani government is currently renegotiating power ...
The International Monetary Fund (IMF) has rejected Pakistan's plan to provide discounted electricity for cryptocurrency mining. The Secretary of the Pakistan Power Division informed the Senate Standing Committee on Power that the IMF believes the plan could exacerbate the burden on the power system and create market distortions. The Pakistani government is currently renegotiating power subsidy schemes with international institutions. The committee also discussed technological solutions to combat power theft and requested the power department to provide detailed answers on the issues before the next meeting.
