Middle east countries are moving towards crypto mining

The Middle East countries are moving towards becoming mining-friendly and the future is bright for crypto. Recently, Pakistan has legalized mining. Last December the Pakistani government taken a commitment to integrate Bitcoin (BTC) into its financial system. And now they have taken the first step towards that.

Dr. Sumera Shams, a member of the provincial assembly in Khyber Pakhtunkhwa, announced on Twitter that the body had voted to pass a law legalizing mining.

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Khyber Pakhtunkhwa is one of the major provinance located in the northern region of Pakistan and it is also a hub for major developments in the country. Zia Ullah Bangash, chief advisor on science and information technology to the region’s chief minister has confirmed that the area voted to legalize mining.

According to the local news, the assembly had passed draft legislation showing a commitment to embrace what could possibly be the future of money. Experts believe that cryptocurrencies will replace ordinary currency, so it is the future and one should be ready for the developments.

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Their hopes are risen for the next fiscal revolution after accepting the mining. The bill passed in a unanimous vote, showing that legislators were indeed looking forward to bolstering their digital and financial spaces.

By this step in the right direction, people are very happy, Waqar Zaka, an influencer, and pro-crypto activist tweeted that this was “one province has done, three more to go.”
It is not known that, what will be the next step but they should e able to have a regime that will help the industry and investments to flow.

Iran also moving towards mining

Pakistan was following Iran in this matter, Iran was the country in the middle east to legalize mining. Initially, Iran had banned mining, after realising that people are using it in the Mosques, as mosques have electricity subsidies. The people are ensuring that they make a profit from it. At that time crypto was becoming very popular in Iran and then government started banning mining equipment from the mosques. Mostafa Rajabi Mashhadi, an official at the Iranian Ministry of Energy, pointed out a 7% jump in the consumption of electricity in June 2019. He blamed crypto traders for this rise in consumption. Due to which the government has taken steps.

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In July, the Iranian government officially ruled to declare crypto mining an industrial activity in the country. According to a news report, the government had held a cabinet meeting, chaired by President Hassan Rouhani. The legalization essentially made mining an official industry. Iran has cheap electricity, Statistics from Global Petrol Prices at the time showed that the country charged almost $0.005 per kilowatt-hour which much lesser than other countries. So it will be very lucrative.

Already many persons are using this benefit and earning money and the government is enjoying taxes and revenue. Now let’s see in future how many more countries will also follow Iran’s footsteps.