Fun

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

News Feed - 2022-05-04 03:05:51

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


The Pakistani government has formed three committees to decide whether to establish a legal framework for cryptocurrency or ban it. The committees will review all aspects of the cryptocurrency business and come up with recommendations on the country’s crypto policy. Committees Constituted to Decide on the Legal Status of Cryptocurrency in Pakistan


Pakistan’s federal government has constituted three sub-committees to decide the future of cryptocurrency and related businesses in the country, the Express Tribune reported Tuesday citing documents it has seen.


The sub-committees were formed during a meeting chaired by Finance Secretary Hamed Yaqoob Sheikh to decide whether to legalize or ban cryptocurrency business. They will review all aspects of the cryptocurrency business and come up with recommendations on the country’s crypto policy. Their proposals will be sent to a committee headed by the finance secretary.


The first sub-committee was formed under the chairmanship of the Pakistani law secretary. Members of this sub-committee include the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA).


This committee will evaluate whether cryptocurrency can be banned under the current laws. It will also recommend a method that can be used to ban crypto while maintaining a balance between welfare and technological advancement.


The other two sub-committees were set up under the chairmanship of SBP Deputy Governor Saima Kamal. Members of these sub-committees include representatives of the Ministry of Information Technology, the Securities and Exchange Commission of Pakistan, and the PTA.


Their recommendations will be based on imposing an immediate ban on cryptocurrency and its repercussions in the future. They will also discuss whether Pakistan would lag behind other countries in the technological advancement race if cryptocurrency is banned in the country.


The State Bank of Pakistan has long taken an anti-crypto stance. SBP Governor Reza Baqir said in March that “around the world, there is a lot of misuses [of cryptocurrency], including human rights violations, trafficking of people, money laundering, and many other things.” He noted in February that the potential risks that are associated with cryptocurrencies “far outweigh the benefits.”


In January, the Federal Investigation Agency (FIA) reportedly asked the Pakistan Telecommunication Authority to ban more than 1,600 crypto websites. Tags in this story Bitcoin, Crypto, Cryptocurrency, Cryptocurrency regulation, pakistan, pakistan crypto, pakistan cryptocurrency, pakistani crypto


What do you think about how the Pakistani government goes about establishing the country’s crypto policy? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Report: Two South Koreans Paid in Bitcoin to Spy for North Korea REGULATION | 4 hours ago Belgium Introduces Registration for Crypto Exchange and Wallet Service Providers REGULATION | 15 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGameFi-NFT, Monopoly Millionaire Game, Will Be Pre-Released on May 25 Next articleFinance School Bentley University Now Accepts Cryptocurrency Payments for Tuition Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Analyst Says Bitcoin Price Could Rise 3x To $300,000 As AVIV Levels Resemble Previous Bull Cycles
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Prashant Jha11 hours agoCrypto community begins Bitcoin halving countdown as milestone date nearsThe CEO of Binance and BTC analysts are among those who have started to draw attention to the halving event as the crypto c
FBI busts $43M crypto and Las Vegas hospitality Ponzi scheme
Savannah Fortis57 minutes agoFBI busts $43M crypto and Las Vegas hospitality Ponzi schemeThe FBI arrested a New York resident for defrauding investors of at least $43 million in a multi-year Ponzi scheme that included a
Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts
Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts Following the bankruptcy judge approving the release of $270 million in cash deposits, the crypto f
Winklevoss twins pledge $2M for Trump, claiming Biden waged war on crypto
Turner Wright3 hours agoWinklevoss twins pledge $2M for Trump, claiming Biden waged war on cryptoTyler Winklevoss claimed that anyone who disagreed that Donald Trump was the pro-crypto choice for U.S. President was “de
David Attlee4 hours agoSBF claims innocence, contradicts other witnesses: Law DecodedSam Bankman-Fried was the final witness to take the stand after more than three weeks of testimonies in court.771 Total views4 Total sh
Bitcoin will stay in the $55K to $75K zone for now — Novogratz
Tom Mitchelhill8 hours agoBitcoin will stay in the $55K to $75K zone for now — NovogratzMike Novogratz says crypto is in a “consolidation phase” and predicts that prices will bounce higher at the end of the current
Evan Luthra7 hours agoOpinion: With Bitcoin’s halving months away, it may be time to go risk-onRobert Kiyosaki has predicted that Bitcoin"s price is going to reach $100,000. Michael Saylor is aiming for $1 million. Is
Tom Blackstone4 hours agoGoogle Assistant will soon incorporate Bard AI chat serviceGoogle announced that its browser-based AI program, Bard, will be used by Google Assistant devices soon.782 Total views12 Total sharesLi
Ezra Reguerra30 minutes agoMantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNTA community member has argued that FTX"s BIT tokens should not be automatically converted because of disqualif
The Number of Tethers in Circulation Dropped by Over 12 Billion in 2 Months, USDC Grew by 9%
The Number of Tethers in Circulation Dropped by Over 12 Billion in 2 Months, USDC Grew by 9% During the last two months, the stablecoin tether has been one of the most traded crypt
Up to 99% of Mt. Gox’s $8.2B Bitcoin could be sold — Analyst
Zoltan Vardai13 hours agoUp to 99% of Mt. Gox’s $8.2B Bitcoin could be sold — AnalystNearly all of Mt. Gox’s former creditors might be looking to sell their Bitcoin, which has increased by over 8,500% in value in t