The federal government of Pakistan has formed three sub-committees to decide whether to legalize or ban cryptocurrency business in the country.
Subcommittees were formed during a meeting chaired by Minister of Finance Hamed Yaqoob Sheikh and will consider all aspects of the cryptocurrency business, as well as develop recommendations on Pakistan’s crypto policy.
The participants of the working groups will evaluate the feasibility of creating a legal framework for regulating cryptocurrencies, the consequences of a possible ban on the circulation of cryptoassets in accordance with the current legislation, and will also propose methods that can be used to ban cryptocurrencies while maintaining a balance between the welfare of citizens and technological progress.
In addition, it will be discussed whether Pakistan will fall behind in the race for technological advancement at the international level if cryptocurrencies and crypto-currency technologies are banned. The subcommittees will prepare their proposals and submit them to the Minister of Finance for consideration, after which recommendations will be made on the future of the cryptocurrency business in Pakistan.
In March, the head of the Central Bank of Pakistan (SBP), Reza Baqir, stated that “there is a lot of misuse of cryptocurrencies all over the world, including human rights violations, human trafficking and money laundering.” In February, he noted that the potential risks associated with using cryptocurrencies “far outweigh the benefits.”
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
