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Pakistani Government Considers Legalizing Cryptocurrencies

The federal government of Pakistan has established three subcommittees to decide the future of cryptocurrencies and related businesses in the country.

Subcommittees were formed during a meeting chaired by Finance Minister Hamed Yaqoob Sheikh to decide whether to legalize or ban cryptocurrency trading. They will review all aspects of the crypto business and make recommendations on the country’s crypto policy. Their proposal will be sent to a committee headed by the finance secretary.

The first subcommittee was established under the chairmanship of the Pakistani law secretary. The members of this subcommittee include the State Bank of Pakistan (SBP), the Federal Bureau of Investigation (FIA) and the Telecommunications Authority of Pakistan (PTA).

This committee will evaluate whether cryptocurrencies can be banned under current law. It would also suggest a method that could be used to ban cryptocurrencies while maintaining a balance between welfare and technological progress.

The remaining two subcommittees were established under the chairmanship of State Bank Deputy Governor Saima Kamal. Members of these subcommittees include representatives from the Ministry of Information Technology, the Securities and Exchange Commission of Pakistan, and the PTA.

Their recommendations will be based on whether to impose an immediate ban on cryptocurrencies and its consequences in the future. They will also discuss whether Pakistan would lag behind other countries in the race for technological advancement if cryptocurrencies were banned in the country.

The State Bank of Pakistan has long taken an unfriendly stance towards cryptocurrencies. They are concerned about cryptocurrency being used for human rights violations, human trafficking, money laundering and more.

In January, the Federal Bureau of Investigation (FIA) asked the Pakistan Telecommunications Authority to ban over 1,600 crypto websites.