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The IMF refused to subsidize Pakistan's Bitcoin mining energy plan.
According to Techub News, reported by Cryptonews, the International Monetary Fund (IMF) has vetoed Pakistan's plan to provide preferential electricity rates for crypto mining. The IMF pointed out that Pakistan did not consult with them before announcing its Bitcoin mining energy plan. The Secretary of the Ministry of Power of Pakistan informed the Senate Power Committee that the IMF believes that the plan may exacerbate the burden on the electricity system and cause market distortions. Currently, the Pakistani government is renegotiating the electricity subsidy scheme with international institutions. The Senate Power Committee also discussed technical solutions to combat electricity theft and requested the power department to submit a detailed response on related issues before the next meeting.
Earlier, in May of this year, the Pakistani government announced plans to allocate 2000 megawatts of electricity for crypto mining and artificial intelligence data centers, aimed at attracting foreign investment. The plan is promoted by the Pakistan Crypto Committee and supported by the Ministry of Finance.