Pakistan has proposed using excess energy for Bitcoin mining, marking a departure from its previous stance on cryptocurrencies. The plan was introduced by the newly-formed Crypto Council, led by CEO Bilal Bin Saqib, during its first meeting. Senior government officials support the initiative, which aims to establish Pakistan as a crypto hub by utilizing surplus energy, Coinfomania reported.

Meanwhile, Bitcoin’s price has shown bullish momentum. The BTCUSD H1 chart indicates a move towards a significant resistance level. A breakout may strengthen the upward trend and attract more intraday buyers.

Pakistan Legalizes Crypto, Aligns with Trends

This move represents a shift in policy. Previously, authorities maintained that cryptocurrency would not be legalized due to concerns about compliance with the Financial Action Task Force. However, on November 4, 2024, Pakistan changed its approach and began regulating digital assets as legal tender, aligning with global trends.

Trump’s Bitcoin Policies Influence Pakistan’s Shift

Some analysts believe this shift may have been influenced by recent policy changes in the United States. After his re-election, Donald Trump introduced measures supporting Bitcoin, including restrictions on a US Central Bank Digital Currency and the creation of a Bitcoin strategic reserve.

These actions have drawn international attention, with Pakistan’s new stance potentially reflecting broader global momentum in the cryptocurrency sector.

Source: Finance Magnates