IMF Rejects Pakistan's Proposal for Subsidies in Cryptocurrency Mining

The International Monetary Fund (IMF) has rejected a proposal from the Pakistani government to subsidize electricity costs for cryptocurrency mining and certain industrial sectors, local media 'Profit' reported on the 3rd. The IMF, which provides loans to Pakistan, expressed concerns that the proposal could further burden the already strained power supply and potentially distort the market. The Pakistani government is currently revising the plan in consultation with multiple international organizations. Earlier in May this year, the government announced plans to allocate power for Bitcoin (BTC) mining and AI data centers...