The International Monetary Fund has ears everywhere, especially when it comes to its countries under assistance. No need for advanced surveys when public ads betray intentions. Pakistan, freshly converted to Crypto fever, has just launched a major program to undermine bitcoin and build a state reserve in crypto. The announcement effect was shattered, but the shock wave was quick. The IMF, always quick to protect its conditions, has just firmly drawn the ears from Islamabad.
In short
- The IMF requires explanations to Pakistan on the energy use linked to the Bitcoin mining plan.
- Pakistan launched a national wallet and a Bitcoin State reserve without prior consultation.
- 2,000 megawatts promised to mining worries in the face of a historic and explosive energy crisis.
- 55 % increase in electric prices since 2021 feeds social anger difficult to contain.
The IMF goes up to the niche: crypto subject to Pakistan
Pakistan, in full budget renegotiation with the IMFdecided to allocate 2,000 megawatts of electricity with Bitcoin mining and IA data centers. The announcement was not discussed with the institution. Strategic error. The IMF is calling for urgent clarifications On the legality of bitcoin in the country, as well as on energy distribution. His concern: see a vital energy diverted in favor of poorly supervised projects.
“” There is a fear of even harder discussions with the IMF on this initiative », Slides a source close to the file.
The IMF, which had already prohibited the accumulation of bitcoin in Salvador in the past, requires that Any change in financial policy is coordinated as part of the Extended Fund Facility program. Pakistan's response is long overdue, but the atmosphere is tense.
The consequences could be heavy. Refusing to line up could suspend vital financial assistanceeven worsen tensions on the debt markets. In the short term, this would jeopardize the funds intended to support the local economy. In the long term, this would insulate the country more in an already fragile economic context.
THE bitcoinwhich had to symbolize openness and innovation, becomes here A reason for alert for creditors.
State bitcoin: audacity or recklessness?
This pro-Crypto turnaround is no coincidence. In February 2025, the Pakistani government proposed the Creation of the “National Crypto Council” to structure the Crypto National Ecosystem. Then, in May, Pakistan Digital Asset Authority (PDAA) was born. It is responsible for regulating exchanges, wallets, stablecoins and deffi platforms. It must also supervise the tokenization of state assets.
The Bitcoin Vegas 2025 summit served as a showcase for this strategy. Bilal Bin Saqib, crypto advisor to the Prime Minister, has revealed The country's first strategic reserve in the country. He also announced the launch of a national Bitcoin portfolio. According to him:
Our youth is connected and on the blockchain. Pakistan is now recognized for its future, not its past.
Among the projects revealed:
- Bitcoin national reserve;
- Official wallet supported by the state;
- Incentives to attract minors and developers;
- Legal framework aligned with FATF standards.
The idea? Make Pakistan an emerging crypto hubattracting capital, startups and technological expertise. In April, even Changpeng Zhao, ex-binance, was appointed advisor to the Crypto Council. He had to support the country in setting up a blockchain infrastructure.
But this daring strategy came up against the wall of economic realism. Has Pakistan measured geopolitical and tax implications? Or does it act with a form of insolence, defying the IMF openly? The answer could redraw the future of its digital ambitions.
Energy crisis: when bitcoin mine the people
The energy context of Pakistan is explosive. Since 2021, electricity prices have jumped by 155 %. The average cost reaches $ 0.23/kWh, pushing industries and homes to turn to solar. The infrastructure is dilapidated, online losses reach 16 %, and the cuts are frequent. The country subsidizes inactive power plants while imposing tariff increases to satisfy the IMF. In July, residential prices further increased by 18 %.
In that energy chaosallocate 2,000 MW to Bitcoin mining appears as heresy. The country is already struggling to provide stable electricity to its inhabitants. The announcement therefore raises a double fear: economic and social.
Some figures to remember:
- 16 % of electricity lost due to technical ineffective
- 155 % increase in prices in 4 years;
- 0.23 $/kWh: average cost for households;
- 2,000 MW promised to minors, despite the massive cuts;
- 40 million crypto wallets recorded in Pakistan.
The risk is real: to divert energy towards Bitcoin data centers is likely to ignite tensions. This would accentuate energy poverty, would stir popular anger, and could cause troubles. Investing in mining without resolving energy chaos would amount to a mine on an already unstable field.
The IMF sometimes knows how to revise its position. Did he not recently admitted that there is no accumulation of Bitcoin for Salvador? Pakistan should be inspired by this dynamic: dialogue, structure a clear framework and prove that mining can coexist with its commitments. Negotiating is not yielding, especially when innovation strikes the door.
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