legalizing cryptocurrency

In the recent news, the National Assembly Standing Committee on Finance has opined in the favor of legalizing cryptocurrency in Pakistan. Moreover, the National Assembly has summoned experts for its next conference to provide a thorough briefing on related matters. The National Assembly Standing Committee on Finance reflected on the calling attention notice of MNA Osama Qadri on legalizing cryptocurrency in the country.


National Assembly in the Favor of Legalizing Cryptocurrency in Pakistan 


Furthermore, the mover of the announcement while briefing stated that machines for purchasing and selling digital currency have been set up in more than 75 nations of the world. If digital currency is being utilized all over the world, then why can’t we authorize it in Pakistan? he questioned. He said that there are four exchanges of cryptocurrency in neighboring India. 


In addition to this, Pakistan is endowed with talented youth, and experts of cryptocurrency and blockchain are already available in the country and the government should take advantage of this skill. He stated that the government had banned cryptocurrency without giving any explanation. Jamil Ahmed Khan said that many people invested in this business without realizing it and incurred losses. He argued that it is assessed that in the last one-year people lost Rs. 20 billion in this business.


At this, the State Bank of Pakistan (SBP) officials said, “Only the Pakistani rupee is legal in Pakistan and not cryptocurrency. The SBP had issued a warning in this regard in 2018”. They argued that only Salvador and Cuba had allowed cryptocurrencies and gave them legal status. However, the majority of the members of the committee were in favor of legalizing cryptocurrency in Pakistan. 


IT Minister Also Opposes the Crypto Ban in Pakistan 


Recently, Federal Minister for Information Technology and Telecommunication Amin ul Haq has also opposed the ban on cryptocurrency in Pakistan. He stated that the crypto ban is hindering the development process of Pakistan. Therefore, the IT Minister is in the favor of legalizing cryptocurrency in Pakistan to boost the country’s prosperity.


Read more: IT Minister Opposes Ban on Cryptocurrency

Source: Pro Pakistani 


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