HomeNewsPakistan exploring whether crypto should be legalized or not

Pakistan exploring whether crypto should be legalized or not

The explosive growth of crypto across the world has forced many countries to have a serious look at the technology. Recently, the government in Pakistan has set up committees in order to decide the future of crypto.

According to the Express Tribune, the government in Pakistan has constituted three sub-committees for deciding the future of crypto in the country.

Finance Secretary Yaqoob Sheikh chaired a meeting and formed these three sub-committees. These committees will review all the aspects of the crypto business. Moreover, it will also come up with recommendations for the country’s crypto policy.

Talking about these committees in detail, the first committee will evaluate whether the government can ban crypto under existing laws. Members of this sub-committee include the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA).

The other two committees will look at the implications if the government bans crypto in the future. It’ll also look on how Pakistan will lag behind other countries in the technological advancement race due to this ban.

As for the state of crypto in the country currently, the central bank has a pretty strong anti-crypto stance. Governor of the State Bank of Pakistan Reza Baqir talked about this in March, saying:

“Around the world, there is a lot of misuses [of cryptocurrency], including human rights violations, trafficking of people, money laundering, and many other things.”

Besides this, the Federal Investigation Agency (FIA) had asked the Pakistan Telecommunication Authority to ban 1,600 crypto websites.

Moreover, a similar situation happened in Nepal where the national telecommunication agency had warned residents to not indulge in crypto trading.

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