Pakistan Will Legalize Crypto Soon?
According to Express Tribune, Pakistan’s federal government has formed three sub-committees to decide the future of cryptocurrencies and associated enterprises in the country.
The sub-committees were established during a meeting headed by Finance Secretary Hamed Yaqoob Sheikh to decide whether the cryptocurrency business should be legalized or banned. They’ll look at every aspect of the cryptocurrency industry and provide recommendations for the country’s crypto policy. Their recommendations will be forwarded to a committee chaired by the finance secretary.
Under the chairmanship of Pakistan’s law secretary, the first sub-committee was created. The State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA) are all members of this sub-committee.
This committee will consider whether cryptocurrencies may 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 established. Representatives from the Ministry of Information Technology, the Securities and Exchange Commission, and the Ministry of Information Technology are among the members of these sub-committees.
Their suggestions will be based on the imposition of an immediate ban on cryptocurrency, as well as the long-term consequences. They’ll also talk about whether Pakistan will fall behind other countries in terms of technical growth if cryptocurrency is outlawed.
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