• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Crypto
Nexo

Crypto Legalisation Still Unsure In Pakistan?

anushsamal by anushsamal
2 weeks ago
in Crypto News
0

Pakistan Government has formed committees which will help them decide the future of the cryptocurrency business.

These three sub-committees that have been set up will help the government of Pakistan to decide whether the digital asset should be banned or not.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The committees are responsible to assess the various aspects of the industry to make a sound decision about the legislation of the cryptocurrency industry in Pakistan.

These panels will offer recommendations and then determine the legal status of the digital asset.

The sub-committees were formed during a meeting presided by Finance Secretary Hamed Yaqoob Sheikh which was primarily conducted to ascertain the legal status of cryptocurrency in Pakistan.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

All the recommendations shall be finally sent to the committee which is being headed by the finance secretary. Supposedly, Pakistan might be looking at a blanket ban on crypto transactions or strong legal control over the industry.

Could Ban Crypto While Striking A Balance Between Safeguard And Advancement Of Technology

The first subcommittee was set up under the chairmanship of the Pakistani Law Secretary. The members of the three sub-committees include the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA).

The committee will be looking into the method of banning cryptocurrency if that’s necessary under the present laws.

After evaluating that decision, the committee might suggest the most appropriate way of going about the same making sure that they maintain a balance between protection and technological growth.

Two other sub-committees were formed 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.

These committees shall actively debate if banning cryptocurrency would curtail the technological progress of the country.

Related Reading | Pakistan Government To Ban Cryptocurrency Trading

What Is Pakistan’s Current Stance On Crypto

The first committee was formed to decide if the digital asset needs a ban at all as approved legal tenders or virtual assets keeping in mind the current law.

The second committee will be passing on recommendations based on whether to ban or not and the effects it might have on the country’s technological advancement.

There continues to remain uncertainty as the State Bank Of Pakistan maintained an anti-crypto stance for the longest time.

The reasons stated were misuse of the technology, which included human rights violations, human trafficking, and money laundering among other illegal activities.

Pakistan remains unsure as the risks involved in adopting the virtual digital asset are far more than the benefits the technology has to offer.

At the beginning of this year, the Federal Investigation Agency (FIA) had asked the Pakistan Telecommunication Authority to ban more than 1,600 crypto websites.

On the other hand, Pakistan Telecommunications Authority has opposed the banning of cryptocurrency. PTA stated that the ban could adversely affect other connected technologies along with hampering IT start-ups.

Pakistan still hasn’t concluded with ongoing debates about a ban or not, committees have been formed keeping in mind that there is a fair discussion regarding the legal status of the digital asset. It is a matter of time till the Pakistan government finally arrives at a decision.

Related Readings | India To Be Considerate With Crypto Regulations; Shall Not Impede Innovation

Crypto
Bitcoin was trading at $39,200 on the four-hour chart. Image Source: BTC/USD on TradingView
Featured image from UnSplash, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
anushsamal

anushsamal

Related Posts

US Justice

US Justice Department Executes First Criminal Crypto Charge

54 mins ago
DAO

DAO For Abortion, Anyone?

6 hours ago
Goldman

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

1 day ago
crypto

Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme

2 days ago
Kraken

Kraken CEO Shuts Down San Francisco Headquarters – Here’s Why

2 days ago
Stablecoins

Stablecoins Receive Queen’s Blessings As UK Braces For Landmark Crypto Legislation

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.