IMF 'concerned' about Pakistani Bitcoin mining plans

Planet Daily News: Against the backdrop of energy shortages and budget negotiations, the International Monetary Fund (IMF) has questioned Pakistan's plan to allocate 2,000 megawatts of electricity for Bitcoin mining, which was announced last week with the aim of attracting independent miners, blockchain companies, and AI companies. The IMF has already requested that Pakistan's Ministry of Finance urgently clarify the legality of cryptocurrency mining and electricity allocation, especially given the country's long-standing energy shortages and fiscal pressures. It is reported that the Pakistani government did not consult the IMF before announcing this decision. Additionally, the IMF has expressed concerns about the potential impact of cryptocurrency on Pakistan's electricity prices and resource allocation, and is expected to arrange a separate meeting to specifically discuss this Bitcoin power plan. (Cointelegraph)