IMF Rejects Pakistan’s Crypto Mining Power Subsidy Plan

Pakistan’s plan to use surplus electricity for crypto mining has hit a roadblock after the International Monetary Fund (IMF) reportedly rejected a proposal to offer subsidized power to energy-intensive industries, including Bitcoin miners.

Pakistan’s Secretary of Power Fakhre Alam Irfan told the Senate committee on energy that the IMF claimed such measures could distort the energy market and worsen existing issues in the country’s fragile power sector, according to a report from Urdu-language news outlet Independent Urdu.

Although Pakistan has…