Today in crypto, Pakistan’s Crypto Council proposes mining BTC with excess, runoff energy, crypto analysts anticipate continued pressure owing to trading wars until April, and Tether is in discussions with a Big Four accounting firm to conduct a full financial audit.
Newly commissioned Pakistan Crypto Council proposes mining Bitcoin with excess energy
The newly commissioned Crypto Council of Pakistan proposed mining Bitcoin with runoff energy at the group’s inaugural meeting on March 21 amid other policy proposals to establish a clear framework for digital assets in the country.
According to The Nation, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission (SECP), the federal information technology secretary, and lawmakers were present at the meeting.
Bitcoin mining helps to stabilize electrical loads and balance demand in an energy grid. Source: Science Direct
Before the inaugural meeting of the group, Bilal bin Saqib, the CEO of Pakistan’s Crypto Council, wrote in a March 20 X post:
“Pakistan is done sitting on the sidelines! We want Pakistan as the leader in blockchain-powered finance. Pakistan is a low-cost high-growth market with 60% of the population under 30. We have a web3 native workforce ready to build.”
This initiative represents a massive departure from the government of Pakistan’s previous stance on cryptocurrencies, which sought bans on digital assets and crypto trading activities in the country.
Crypto markets will be pressured by trade wars until April: analyst
Despite a multitude of positive crypto-specific developments, global tariff fears will continue pressuring the markets until at least April 2, according to Nicolai Sondergaard, research analyst at Nansen.
Risk assets may lack direction until the tariff-related concerns are resolved, which may happen between April 2 and July, presenting a positive market catalyst, added the analyst.
BTC/USD, 1-day chart. Source: TradingView
President Trump’s reciprocal tariff rates are set to take effect on April 2, despite earlier comments from Treasury Secretary Scott Bessent that indicated a possible delay in their activation.
Tether seeks Big Four firm for its first full financial audit: Report
Stablecoin issuer Tether is reportedly engaging with a Big Four accounting firm to audit its assets reserve and verify that its USDT (USDT) stablecoin is backed at a 1:1 ratio.
Tether CEO Paolo Ardoino reportedly said the audit process would be more straightforward under pro-crypto US President Donald Trump. It comes after rising industry concerns over a potential FTX-style liquidity crisis for Tether due to its lack of third-party audits.
“If the President of the United States says this is top priority for the US, Big Four auditing firms will have to listen, so we are very happy with that,” Ardoino told Reuters on March 21.
“It’s our top priority,” Ardoino said. It was reported that Tether is currently subject to quarterly reports but not a full independent annual audit, which is much more extensive and provides more assurance to investors and regulators.
However, Ardoino did not specify which of the Big Four accounting firms — PricewaterhouseCoopers (PwC), Ernst & Young (EY), Deloitte, or KPMG — he plans to engage.
