With the rise in the prices of Bitcoin, the adoption of the crypto-asset has provided growth to the economies of the countries. According to the statistics, the total market cap of the crypto-space is equal to the entire GDP of Brazil, while half of the GDP of developing countries like India. For sure the acceptance has multiplied manifolds in the past years. Out of which 2020 has been the year of major crypto-bull, where not only Bitcoin has experienced a major surge but also other digital currencies have experienced the same. In the wave of crypto-acceptance, there are countries that are playing their part. For example, countries like India are planning to impose a tax on cryptocurrencies while banning private crypto for some reason, and meanwhile, the neighborhood country Pakistan is now using government funds for mining BTC to help boost their economy. It is no secret that the country’s growth has slowed down in the past years. And mining crypto can be a stepping stone for the failing economy of the country. Why Turning to BTC Mining for Economic Growth? Turning to BTC mining as a source of income is unique as well as risky at many levels. For instance, Iran’s central government is into purchasing Bitcoin from miners to facilitate trade, which shows how the countries are facilitating the trade into crypto-assets. Similarly, Pakistan is tracing the growth from BTC and is all set to set-up two state-owned bitcoin mining farms using government money. The man behind developing Pakistan crypto-industry, Waqar Zaka, chairman of Technology Moment of Pakistan, said: “After years of struggle, I am launching the biggest crypto mining farm in Khyber Pakhtunkhwa KP, third-largest Pakistan’s semi-autonomous province in Pakistan, where you all can invest & earn.” The government of Khyber Pakhtunkhwa KP has taken a calculated step to advance in the crypto-space. However, it will be interesting to see how intensive the step will prove. Also, India will keep a close eye on Pakistan with its recent decision to mine BTC. Nations in the Region Betting on Crypto Mining? The government of Pakistan is quickly moving into the crypto-space with a commitment to integrate BTC into their financial system soon. But, Pakistan is not the only one embracing crypto-activities in the region. Countries including Iran, Israel, the UAE are setting up examples in the Middle-East and North Africa (MINA) region to follow. Electricity is cheap in Iran, which is one of the chief reasons behind Iran doubling down on crypto-mining. In November 2018, Iran topped the global energy subsidy list. Considering Iran is dealing with inflexible economic sanctions, thus, is not in a position to remunerate more subsidies. With thousands of entities jumping into mining, the country is enjoying taxes and revenues. This in turn not only allows the country to grow but improves on coping in terms with the latest technology. It is yet unclear that more countries in the MINA region and South-East will join the crypto-sphere anytime soon. But, countries like Pakistan and Iran are definitely making the way for them to follow.
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