Pakistan establishes the Virtual Assets Regulatory Authority (PVARA)

ChainCatcher news, according to Cointelegraph, the federal government of Pakistan has recently officially established the Pakistan Virtual Assets Regulatory Authority (PVARA), which will serve as an independent regulatory body responsible for the licensing, supervision, and compliance management of the country's digital asset industry. Finance Minister Mohammad Aurangzeb stated that this move aims to establish a forward-looking regulatory framework to protect consumers and attract global investment.

Previously, Pakistan had allocated 2000 megawatts of electricity for Bitcoin mining and the construction of artificial intelligence centers. The plan received support from the Ministry of Finance but faced opposition from the International Monetary Fund (IMF).