According to Finance Ministry sources, Pakistan did not loop in the IMF in its plans for power allocation to Bitcoin mining. Citing sources familiar with the matter, however, the local news report stated that the IMF has reiterated its demand that countries receiving aid from the organization under the Extended Fund Facility (EFF) consult on all policy changes.
An official involved in the budget negotiations with the IMF told local news outlet Samaa:
“There is a fear of further tough talks from the IMF on this initiative [of allocating electricity to Bitcoin mining]. The economic team is already facing stiff questions, and this move has only added to the complexities of the ongoing talks.”
Pakistan plans to repurpose three underutilized coal power plants to provide electricity to Bitcoin mines and AI data centers. However, the IMF is concerned about how the initiative will impact electricity tariffs and distribution.
In April, Pakistan’s National Electric Power Regulatory Authority announced cuts to electricity prices for a range of consumers. The cuts, however, followed an increase in base power tariffs announced last year.
Over the past few months, Pakistan has rapidly changed its stance on cryptocurrencies, announcing several plans and initiatives to adopt crypto assets and regulate them.
The PDAA would serve as a regulatory watchdog responsible for overseeing the licensing of digital asset service providers, ensuring compliance with the Financial Action Task Force’s (FATF) regulations, and promoting innovation.
At the Bitcoin 2025 conference on Thursday, Bilal bin Saqib, crypto adviser to Prime Minister Shehbaz Sharif, unveiled the country’s first strategic Bitcoin reserve, drawing the IMF’s scrutiny. Saqib, who also announced the launch of a national Bitcoin wallet, noted:
“Our youth are online and on-chain. Pakistan, with over 40 million crypto wallets and an average age of 23 years, is now being recognised for its future rather than its past.”
