NA’s Standing Committee Calls for Regularizing Crytpo Trading in Pakistan

The National Assembly Standing Committee on Finance has recommended that cryptocurrencies and their trading should be regularized in Pakistan and has requested experts to deliver a full briefing on the subject at its next meeting.

The Standing Committee on Finance discussed MNA Osama Qadri’s calling attention notice on regulating cryptocurrency trading in the country. During a briefing, the MNA Osama stated that machines for buying and selling digital currency have been installed in over 75 countries around the globe. Why can’t we permit digital currency in Pakistan since it’s used all over the world? he pondered.

NA’s Standing Committee Calls for Regularizing Crytpo Trading in Pakistan

In neighbouring India, he claimed, there are four bitcoin exchanges. Pakistan is blessed with talented youth, and bitcoin along with blockchain professionals is already present in the country, and the government should capitalize on this potential. He said that its heartening to see that the government had imposed a blanket ban on bitcoin with no explanation.

According to Jamil Ahmed Khan, many people invested in this firm without recognizing it and lost money. He said that people had lost Rs. 20 billion in this company in the last year.

“Only the Pakistani rupee is legal in Pakistan, not cryptocurrency,” officials from the State Bank of Pakistan (SBP) declared. The SBP had issued a warning in this regard in 2018 .” Only Salvador and Cuba, they claimed, had permitted cryptocurrency and given them legal legitimacy.

The majority of the committee members, though, were in support of allowing cryptocurrency.

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