According to Cryptonews, the International Monetary Fund (IMF) has rejected Pakistan's plan to offer preferential electricity prices for cryptocurrency mining. The Secretary of Pakistan's Ministry of Electricity told the Senate Electricity Committee that the IMF believes the plan may exacerbate the burden on the power system and cause market distortions. At present, the Pakistani government is renegotiating the electricity subsidy scheme with international organizations. The Senate Power Committee also discussed technical solutions to combat power theft and requested the power department to submit detailed responses on related issues before the next meeting.
In May of this year, the Pakistani government announced plans to allocate 2000 megawatts of electricity for cryptocurrency mining and artificial intelligence data centers, aiming to attract foreign investment. The plan is promoted by the Pakistan Cryptography Commission and supported by the Ministry of Finance. However, the IMF pointed out that the Pakistani side did not consult with them before announcing the plan and questioned the legality of cryptocurrency mining in the local area, as well as the potential additional pressure on the already overloaded power grid.
