In Pakistan, a provincial government has passed a draft resolution on December 2, 2020, that demands the federal government to take steps towards legalizing both cryptocurrencies and crypto-mining activities.
A Crypto-Friendly Draft Resolution Approval Sets a Precedent in Pakistan
The Provincial Assembly (MPA) of Khyber Pakhtunkhwa, one of the four provinces in the country, made the official announcement after holding discussions in the midst of a nationwide dialogue about if the federal government should legalize crypto assets and take it out from the limbo.
Dr. Sumera Shams, a member of the Provincial Assembly, said in a tweet that he expects Pakistan could progress towards digitalization “to compete for the world.”
He also praised the assistance of Zia Ullah Bangash – Advisor to Chief Minister of Khyber Pakhtunkhwa on Science & Technology and Information Technology – and Fawad Hussain, Federal Minister for Science & Technology Government of Pakistan, in the writing of the draft resolution.
No Ban on Cryptocurrencies in Pakistan
Although there is no ban on crypto-related activities in Pakistan, the State Bank of Pakistan has published warnings in 2018 that advise people and businesses to exercise caution on dealing with cryptocurrencies because of its “extreme volatility.”
But Khyber Pakhtunkhwa is not the only active province in terms of working with crypto-friendly bills. National TV host Waqar Zaka, known for his activism in favor of crypto in the country, claimed in a tweet published on December 2, 2020, that he’s going to travel to Punjab and Baluchistan to help with similar bills.
On November 15, 2020, the Securities and Exchange Commission of Pakistan (SECP) published a position paper on the regulation of cryptocurrency trading platforms. The document confirmed that their warnings didn’t mean a ban on bitcoin (BTC) or any other crypto assets in the country.
The consultation paper is focused exclusively on non-government or non-central bank issued crypto assets and not on central bank digital currencies (CBDC).
Do you think this is good news for the crypto industry in Pakistan? Let us know in the comments section below.
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