Pakistan’s Central Bank Sees Few Good Use Cases for Crypto Citing ‘a Lot of Misuses’ Worldwide

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Pakistan’s Central Bank Sees Few Good Use Cases for Crypto Citing ‘a Lot of Misuses’ Worldwide – The Pakistani central bank does not see many uses for cryptocurrency. However, the regulator notes that Bitcoin has been used for “a variety of purposes” around the world, including “human rights breaches, human trafficking, money laundering, and a variety of other things.”

According to the Dawn newspaper, the governor of the State Bank of Pakistan (SBP), Reza Baqir, discussed cryptocurrency at a panel discussion there at 13th Karachi Literature Festival on Sunday.

The governor of Pakistan’s central bank stated: “Crypto has no meaningful use cases.” When we consider the value proposition presented by cryptocurrency right now, the only use cases that have been proposed are exchanges.

The governor of the SBP then went on to discuss the dangers of cryptocurrency.

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“The regulator or a law enforcement body has no visibility on who is performing transactions and for what reason,” he says.

Also Read: Visa and Mastercard Suspend Operations in Russia as Part of Sanctions Over Ukraine

As a result, there are numerous instances of cryptocurrency misuse around the world, including human rights violations, money laundering, and a variety of other issues.

Baqir further stated that Pakistan’s financial system has been used for money laundering and terrorism financing.

Despite this, the governor of the central bank stated that people want the regulator to enable bitcoin to be used, exchanged, and sent internationally.

“Every new item has some benefits and some risks,” he explained. It is the responsibility of policymakers to assess the balance.

Meanwhile, he considers distributed ledger or blockchain technology to be “very valuable” and capable of solving many of the world’s current problems.

Pakistan’s government is debating whether or not to regulate cryptocurrency. However, a high-level interministerial group set up to offer recommendations on whether cryptocurrencies could be allowed under Pakistani law is opposed to regulation.

Also Read: Singapore to Impose Restrictions on Russian Financial and Crypto Transactions

Pakistan’s Central Bank Sees Few Good Use Cases for Crypto – In January, the committee presented its findings to the Sindh High Court, suggesting a blanket ban on cryptocurrency.

In the same month, Pakistan’s science and technology minister, Shibli Faraz, stated that the government aims to “regularize” Cryptocurrency in the country. He stated that the finance minister, Pakistan’s State Bank, and the Securities and Exchange Commission are working on a strategy.

In the same month, Pakistan’s science and technology minister, Shibli Faraz, stated that the government aims to “regularize” Cryptocurrency in the country. He stated that the finance minister, Pakistan’s State Bank, and the Securities and Exchange Commission are working on a strategy.

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