No Subsidies: IMF Halts Pakistan’s Subsidized Power for Crypto Miners
2025-07-03 17:36:46
Main Idea
The IMF rejected Pakistan's proposal to provide subsidized electricity for crypto mining, citing concerns over the nation's fragile energy market, despite Pakistan's ongoing efforts to boost crypto activity.
Key Points
1. The IMF declined Pakistan's plan to offer subsidized electricity to crypto miners, which aimed to utilize surplus power and stimulate crypto-related industrial activity.
2. Pakistan's Power Division proposed a six-month power tariff at marginal cost (Rs 23/kWh) for crypto miners and metal industries in September 2024, but the IMF rejected it.
3. A revised proposal in November 2024 was also rejected, as the IMF viewed it as a sector-specific tax benefit.
4. Pakistan continues discussions with the IMF, while 58% of power consumers fall under a 'protected' category, paying only Rs 10 per unit.
5. Despite the IMF's rejection, Pakistan's pro-crypto push continues, with support from figures like Michael Saylor and Binance's Changpeng Zhao.
Description
The IMF rejected Pakistan’s plan to offer subsidized electricity for crypto mining. The proposal seeks to utilize surplus power and boost crypto activity. Despite the setback, Pakistan continues to engage with international bodies to explore a more acceptable framework. The International Monetary Fund (IMF) has rejected Pakistan’s proposal to provide subsidized electricity tariffs for cryptocurrency mining operations, citing concerns that such a move would create economic imbalances and distort ...
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