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Will cryptocurrency be banned in Pakistan? Government formed committees regarding the future of crypto

Will cryptocurrency be banned in Pakistan?  Government formed committees regarding the future of crypto
Written by Arindam
Will cryptocurrency be banned in Pakistan?  Government formed committees regarding the future of crypto

The Government of Pakistan has constituted three sub-committees to deliberate on the future of cryptocurrencies in the country. These committees will assess all aspects of the cryptocurrency industry and come up with better suggestions for crypto legislation in Pakistan. The sub-committees were formed during a meeting chaired by Finance Secretary Hameed Yakub Shaikh to decide whether the huge cryptocurrency market should be legalized or banned. According to a local newspaper, the government of Pakistan is considering moving to a complete ban or strict control of crypto transactions.

According to a report by The Express Trubune, the panel formed will offer its recommendations based on each aspect of the cryptocurrency industry, including its legal status and restrictions on it. The suggestions will be sent to a committee headed by the Finance Secretary.

The foundation of the first panel was laid under the chairmanship of the Legal Secretary of Pakistan. Other members include State Bank of Pakistan (SBP), Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA).

The committee will consider whether cryptocurrencies can be banned under existing regulations. It will also suggest a way to ban crypto while maintaining the delicate balance between security and technological advancement.

The other two sub-committees will be headed by SBP Deputy Governor Saima Kamal. The committees will include representatives from the Ministry of Information Technology, Security and Exchange Commission of Pakistan, PTA and others.

The report will also outline their views on imposing an immediate ban on cryptocurrencies and its consequences in the future. They will also consider whether banning cryptocurrencies in the country will leave Pakistan behind other countries.

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Arindam

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