Pakistan Forms Committees to Decide Whether Crypto Should Be Legalized or Banned

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Pakistan Forms Committees to Decide Whether Crypto Should Be Legalized or Banned – According to documents seen by the Express Tribune, Pakistan’s federal government has formed three sub-committees to determine the future of cryptocurrency and related businesses in the country.

The sub-committees were constituted during a meeting headed by Finance Secretary Hamed Yaqoob Sheikh to decide whether cryptocurrency activity should be legalized or banned. They’ll investigate all aspects of the crypto business and make opinions for the country’s cryptocurrency policy. Their recommendations would be forwarded to a finance secretary-led committee.

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Under the chairmanship of Pakistan’s law secretary, the first sub-committee was created. The Federal Investigation Agency (FIA), the State Bank of Pakistan (SBP), and the Pakistan Telecommunication Authority (PTA) are all members of this sub-committee.

This committee will consider whether cryptocurrency can be prohibited under present legislation. It will also provide a mechanism for banning cryptocurrency while maintaining a balance between welfare and technical progress.

Under the chairmanship of SBP Deputy Governor Saima Kamal, the other two sub-committees were formed. Members of these sub-committees include representatives from the Ministry of Information Technology, Pakistan’s Securities and Exchange Commission, and Pakistan’s Telecommunications Authority.

Their proposals will be based on a blanket ban on cryptocurrency and its long-term consequences. They’ll also talk about whether Pakistan will fall behind other countries in terms of technical growth if cryptocurrency is outlawed.

Also Read: Global Investment Bank Goldman Sachs Offers Its First Bitcoin-Backed Loan

The State Bank of Pakistan has been anti-crypto for a long time. “There are a lot of misuses of cryptocurrencies around the world,” SBP Governor Reza Baqir remarked in March, “including human rights violations, human trafficking, money laundering, and many other things.” He warned in February that the risks associated with bitcoin “much exceed” the benefits.

In January, the Federal Investigation Agency allegedly demanded that over 1,600 cryptocurrency websites be blocked by the Pakistan Telecommunication Authority.

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