IMF raises concern over Pakistan’s Bitcoin mining power plan

[Ishicryptic]

Before you post, know that 2000 megawatts can power some small nations.

This is the more reason why IMF is supposed to support Pakistan's Bitcoin mining expansion because it is a business that will generate more revenue for their economy. If 2000 megawatts can generate more revenue for a country then it is good that they use it, so far it is for a productive and profitable venture, anybody, country or organization that means we'll for Pakistan, will applaud their power initiative. It is clear that IMF is anti Bitcoin and they never see anything good in what is affiliated to it, Pakistan, is an independent country and should not be intimidated by IMF opinion.

[Hazink]

This is the more reason why IMF is supposed to support Pakistan's Bitcoin mining expansion because it is a business that will generate more revenue for their economy. If 2000 megawatts can generate more revenue for a country then it is good that they use it, so far it is for a productive and profitable venture, anybody, country or organization that means we'll for Pakistan, will applaud their power initiative. It is clear that IMF is anti Bitcoin and they never see anything good in what is affiliated to it, Pakistan, is an independent country and should not be intimidated by IMF opinion.

One of the reasons why the IMF stands against that is because they believe the country is already suffering from power shortages and allocating such a large amount of power to bitcoin mining and AI technology.

They see it as being absolved, but they also need to know that before the new agencies made that move, they could have already set out the necessary plans for that. But then again, talking about the resources and profit that the country can make from mining, don't forget to add a budget for other tools needed; it's not just power.

[FortuneFollower]

They don't want others to have an alternative way of doing things, plus, as it was said, they probably raise concerns due to power shortages in the country too, but surely, they wouldn't want BTC to succeed too.

[OgNasty]

The IMF was extremely incompetent or Bitcoin wouldn't have been created in the first place.  Them trying to give anyone else guidance is ridiculous.  I'm no fan of Pakistan, but with them joining El Salvador in giving the IMF the middle finger, I'm starting to come around.  More countries need to do this and ignore the IMF if Bitcoin is going to make it to 7 figures per coin.  Who knows, maybe it will jumpstart a trend and countries will start giving the finger to the WEF as well.  I'd love to see a future with no IMF or WEF.

[FortuneFollower]

The IMF was extremely incompetent or Bitcoin wouldn't have been created in the first place.  Them trying to give anyone else guidance is ridiculous.  I'm no fan of Pakistan, but with them joining El Salvador in giving the IMF the middle finger, I'm starting to come around.  More countries need to do this and ignore the IMF if Bitcoin is going to make it to 7 figures per coin.  Who knows, maybe it will jumpstart a trend and countries will start giving the finger to the WEF as well.  I'd love to see a future with no IMF or WEF.

Maybe that would be the case, but there will be only small countries doing so, probably, - others wouldn't be so bold and fast in their ways.

[Wiwo]

The IMF was extremely incompetent or Bitcoin wouldn't have been created in the first place.  Them trying to give anyone else guidance is ridiculous.  I'm no fan of Pakistan, but with them joining El Salvador in giving the IMF the middle finger, I'm starting to come around.  More countries need to do this and ignore the IMF if Bitcoin is going to make it to 7 figures per coin.  Who knows, maybe it will jumpstart a trend and countries will start giving the finger to the WEF as well.  I'd love to see a future with no IMF or WEF.

IMF use debts and loans as a tool to control countries economic decisions sometimes their come as advice but in other places IMF force and threatened weakers countries if their go against their advice or warning concerning economic decisions such as Bitcoin reserve and adoption.

We saw that in the way the international monetary funds (IMF) threatened to withdraw their borrowing supports and other financial aids to countries like El Salvador all Because of their stand concerning Bitcoin.

[Floxynice]

Per the report, the IMF was not consulted prior to the announcement and is questioning the legal standing of cryptocurrencies in Pakistan.

This answers why the IMF is upset; they are already feeling threatened. The IMF is not in the dark; they know what Bitcoin is and have been following it closely. They understand the implications of what such a mining power plan could cause in Pakistan's economy. If the plan works, citizens of Pakistan may widely divert to storing their assets in Bitcoin instead. They know that if they don't act fast, people will literally dump the failed fiscal policy for a better alternative.

Believe me when I say this: the IMF's major concern isn't about electricity usage or environmental hazards; they just want to be in control. And now, Bitcoin is already threatening that control.

[PrivacyG]

Believe me when I say this: the IMF's major concern isn't about electricity usage or environmental hazards; they just want to be in control. And now, Bitcoin is already threatening that control.

This is true and valid for almost every single country and leadership in this world.  If they wanted to actually solve issues, they would.  If they wanted to stop environmental hazards, they would and Bitcoin mining farms would be the last issue.  Look at how much shit so many countries produce.  Plastic stuff nobody needs, clothes made out of plastic, where does it all go?

They are attacking Bitcoin because they feel threatened by its capacity of making the average person be more free than banks can.  IMF would never agree that in the face of Bitcoin they are useless.  They obviously rather attack it.

[aylabadia05]

What is your opinion about this?

Before you post, know that 2000 megawatts can power some small nations.

Trying to judge the IMF through the positive thoughts we have, is unlikely to appear. The IMF always moves ahead when a country tries to try the Bitcoin system.
Indeed, the number of megawatts can power several small countries, what's wrong if they are in front of positive reasons for once.

They should support the efforts of countries that want to be independent without dependence on fiat. Ooo maybe they can't make a profit with the number of percentages they will get.

[noormcs5]

Why is IMF thinking nothing good can come out of bitcoin? They only believe in their monetary system. Pakistan is planning to allocate 2000 megawatts of electricity for bitcoin mining but I saw IMF move against it now.

https://cointelegraph.com/news/imf-concern-pakistan-bitcoin-mining-power-plan

Although I think 2000 megawatts may be too much but why is IMF like to be a bitcoin critic? I think if it something related to their fiat, they may not say anything.

What is your opinion about this?

Before you post, know that 2000 megawatts can power some small nations.

This is not the first time the IMF is against the country trying to accept bitcoin. Infact if we remember, when El Salvador declared Bitcoin as a legal tender they were against them too and they urge them to remove this status. However El Salvador didn't surrender against them and they aren't happy with them. El Salvador agrees with IMF to ‘confine’ Bitcoin use.
Pakistan should also take the firm stance on their bitcoin mining policy and do not revert their decision on IMF pressure. These international monetary organizations will never want nations to have financial freedom.

[X-ray]

They don't want others to have an alternative way of doing things, plus, as it was said, they probably raise concerns due to power shortages in the country too, but surely, they wouldn't want BTC to succeed too.

We don't even know if pakistan is trying to build a renewable energy plan or whether they're really in a energy shortage.

Honestly, the fact that they are allocating 2000 megawatts means they already have a plan, lets see how this play out.

I think they just don't want to get left behind in crypto and AI sector.

[DanWalker]

The IMF is multilateral and it's owned by all the 190 plus countries associated to it. Irrespective of the headquarters been located in Washington, D.C., USA. that doesn't mean it's a a U.S. organization.

One reasons why people don't like the IMF is because of the strict conditions they attach to the, it later don't favor the country that was giving the support. But you cant blame the IMF, they don't force these countries to be debtors, the country go into debt willingly. The IMF step into the scene for the sake of the global economy but they can be controversial because of their social and political impact.

The IMF is not a US organization, but they are the largest financial contributors to the organization, so it is no surprise that the organization is headquartered in the United States or is heavily influenced by that country.

But I agree with you that we should not blame the IMF because they do not force any country to borrow money from them and become a debtor. All those countries come and borrow voluntarily, and there is nothing wrong with those countries needing to comply with the rules and conditions set by the IMF. 


Just like when we lend someone money, even if it is just a small amount, we place requirements on the borrower to ensure that they can repay us. Why are we criticizing what the IMF is doing when they are also doing what a lending institution is supposed to do?

[Alpen]

Why is IMF thinking nothing good can come out of bitcoin? They only believe in their monetary system. Pakistan is planning to allocate 2000 megawatts of electricity for bitcoin mining but I saw IMF move against it now.

https://cointelegraph.com/news/imf-concern-pakistan-bitcoin-mining-power-plan

Although I think 2000 megawatts may be too much but why is IMF like to be a bitcoin critic? I think if it something related to their fiat, they may not say anything.

What is your opinion about this?

Before you post, know that 2000 megawatts can power some small nations.

The Pakistani government is making unserious claims. The country’s power sector is in total disarray — heavily subsidized, chronically in debt, and barely functional. Rolling blackouts are a regular occurrence, especially in the summer, due to severe generation shortfalls. And let’s not forget: Pakistan is teetering on the edge of sovereign default.

So where exactly are they going to find 7% of the nation’s total electricity capacity to dedicate to Bitcoin mining? Even if they shut down factories to free up power, the outdated grid infrastructure might not survive the sustained load. We’ll likely see fireworks — and not the celebratory kind — exploding out of substations.

[henry_of_skalitz]

We don't even know if pakistan is trying to build a renewable energy plan or whether they're really in a energy shortage.

Honestly, the fact that they are allocating 2000 megawatts means they already have a plan, lets see how this play out.

I think they just don't want to get left behind in crypto and AI sector.

Maybe! Or maybe it was done to create the fuzz all around it, we need to look closer at the results, surely, which only the future will tell.

I heard much about their shortages of electricity, but I hope their plan goes out nicely.