use of cryptocurrency

In the recent news, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has submitted proposals for the use of cryptocurrency in the country to Governor Sindh Imran Ismail, according to the latest reports. 


FPCCI Submits Proposals for the Use of Cryptocurrency in Pakistan


President FPCCI Nasir Hayat stated that they had presented three research papers to the governor Sindh on Tuesday concerning the use of cryptocurrency. “Pakistan currently has a cryptocurrency of US$20 billion,” he said continuing that they had presented proposals regarding encasing the digital currency within Pakistan.


Furthermore, the development of the use of cryptocurrency in Pakistan came days after Information Minister Fawad Chaudhry dismissed any early possibilities of permitting the use of cryptocurrency in the country. Bringing transparency on the use of cryptocurrency in Pakistan, Federal Minister for Information Fawad Chaudhry stated that there are no prospects of Pakistan legalizing the use of cryptocurrency anytime soon.


“There are no guarantees behind the currency and we cannot allow the use of any digital currency just on the basis of its trust level in the market,” he said. While mentioning another reason behind not authorizing the use of digital coins in the country, Fawad Chaudhry said that the level of instability in the digital currency is unprecedented internationally.


The World will Ultimately Move Towards Digital Currency


“We are also bound through FATF conditions to refrain from allowing any such mode of payment in the country,” he said. The information minister, however, added that eventually, the world has to move towards the means of digital payments. In 2018, the State Bank of Pakistan (SBP) alerted commercial banks and general banks against the use of cryptocurrencies like Bitcoin or Litecoin.


As per the official notice published by the central bank, cryptocurrencies like Bitcoin, Litecoin, Pakcoin. OneCoin, DasCoin, and Pay Diamond are neither identified as a Legal Tender nor has SBP approved or licensed any individual or entity for the distribution, sale, acquisition, trade, or investment in any such virtual currencies or tokens in Pakistan.


Read more: There Are No Immediate Chances of Pakistan Legalizing Cryptocurrency: Fawad Chaudhry

Source: ARY News 


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