{"id":13924,"date":"2021-01-14T04:10:37","date_gmt":"2021-01-14T04:10:37","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=13924"},"modified":"2021-01-14T04:10:38","modified_gmt":"2021-01-14T04:10:38","slug":"news-commentary-1266-bitcoin-worldwide-adoption-soon","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=13924","title":{"rendered":"News Commentary #1,266 – Bitcoin | Worldwide Adoption Soon?"},"content":{"rendered":"

Talking about mass adoption of bitcoin and the whole cryptocurency market we cannot overlook the role of regulation and public policy in different countries. Hopefully, Most of you do not really think or believe that even such a “beast” as the crypto market will go further without official (state) recognition.<\/p>\n

In my personal conviction, most countries are already dealing with the cryptocurrency financial sphere of life BUT<\/strong> so far, VERY few<\/strong> have officially announced this .. Continuing the topic, let’s take a look at the next article, which can be very useful in order to understand what next steps can be taken by other countries and what news we might see pretty soon around…<\/span><\/span><\/p>\n

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Pakistan is Now Using Government Funds to Mine Bitcoin<\/h1>\n

The country\u2019s economic growth has slowed down in the past few years. But Bitcoin mining could help partially revive that.<\/h2>\n
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In brief<\/h4>\n
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  • The government of one of Pakistan\u2019s four provinces has set up two mining farms.<\/li>\n
  • It had earlier pushed for favorable crypto laws in the country.<\/li>\n
  • Countries like Pakistan and Iran have turned to Bitcoin to revive a failing economy.<\/li>\n<\/ul>\n
    The government of Khyber Pakhtunkhwa (KP), one of Pakistan\u2019s four provinces, announced the launch of two state-owned <\/span>Bitcoin<\/span>\u00a0mining farms last week, as per a report on local outlet\u00a0<\/span>BOLNews<\/i>.<\/span><\/div>\n<\/div>\n

    The move marked one of the first instances of a government using its own funds to mine (and make a profit from) Bitcoin.<\/p>\n

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    KP, the province in Pakistan that earlier legalized crypto mining, just approved the use of government funds to mine.<\/p>\n

    The KP government is way ahead of the curve: mining Bitcoin directly!<\/p>\n

    \u2014 Muneeb (@muneeb)\u00a0January 12, 2021<\/p>\n<\/blockquote>\n

    Ziaullah Bangash, the advisor to the chief minister of KP on Information Technology, said a legislative bill that supported such operations was passed in the province\u2019s Assembly. A separate no-objection certificate was also passed, allowing individuals to launch and issue their own cryptocurrencies without fear of legal backlash.<\/p>\n

    Pakistan\u2019s stance toward Bitcoin has been similar to that of other countries. The sector remains stuck in bureaucracy, but local governments (and individuals) have\u00a0slowly pushed for regulations\u00a0that can help the state\u2019s coffers\u2014one that helps with the broader acceptance of digital currencies.<\/p>\n

    The KP administration has led efforts in that regard. Its naturally cool, mountainous environment favours Bitcoin mining\u2014machines that conduct thousands of calculations each second to maintain the Bitcoin network, using a lot of energy in the process\u2014which in turn helps the local economy.<\/p>\n

    Last year, officials from the KP Assembly, led by Bangash, also passed a resolution to Pakistan\u2019s central government that called for legalizing Bitcoin mining and ownership across the country. \u201cWe appeal the central government to carefully consider our proposal for legalizing cryptocurrency,\u201d the resolution said at the time.<\/p>\n

    Meanwhile, the development came as one of the country\u2019s first privately-owned mining farms was launched by Waqar Zaka, a self-styled crypto influencer known in the country for his work in the sector, on Monday.<\/p>\n

    \u201cAfter years of struggle, I am launching the biggest crypto mining farm in KPK where you all can invest & earn,\u201d Zaka claimed in a tweet, thanking Bangash for the legal support.<\/p>\n

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    Finally, my dream project is approved , after years of struggle , I am launching the biggest Crypto mining Farm in KPK where you all can invest & earn. Honestly no one understood my Bitcoin vision except\u00a0@ZiaBangashPTI\u00a0. To become member\u00a0https:\/\/t.co\/c1fxqbMKoZ\u00a0pic.twitter.com\/oFS3RqUMaX<\/p>\n

    \u2014 Waqar Zaka (@ZakaWaqar)\u00a0January 11, 2021<\/p>\n<\/blockquote>\n

    Turning to Bitcoin mining as a source of income and economic growth is not wholly unprecedented. Last year, Iran\u2019s central government\u00a0said it would purchase\u00a0Bitcoin from miners in the country to fund imports and facilitate trade.<\/p>\n<\/div>\n<\/div>\n<\/blockquote>\n