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A few days ago we got the good news when we heard that there is no ban on crypto in Pakistan and it has not been given legal status yet. It was only a warning to keep newcomers away and to protect them from scams.

It has also been mentioned in this post.

However, according to the latest information, the Securities and Exchange Commission of Pakistan has started work on it, and soon we can get some good news.

News link (https://cointelegraph.com/news/pakistan-s-securities-regulator-mulls-new-legal-framework-for-crypto?utm_source=Telegram&utm_medium=social)

If Pakistan gives legal status to cryptocurrency, then surely this will be very good news for Pakistanis as well as the entire crypto community. Because Pakistan is the fifth largest country in the world in terms of population. And 64% of its population is young, so we can expect a good contribution from them.

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If Pakistan legalizes bitcoin I think it will be better for their citizens. Hopefully, they will influence their neighbors especially India with a swaying favors when it comes to bitcoin. Although politically they are not inclined this will help in making them have similarities where they both agree on.

The good news as it is that they won't be banning bitcoin anymore if there are already some rules being made for it. But the next problem is regulations. As what mostly says that you can't please everybody. There will be some people who will be against regulation because bitcoin is decentralized and it shouldn't be regulated. Yet there is no choice for it, for bitcoin to keep going and avoid a ban in Pakistan then it has to be regulated.

OP, that's good news that I've seen and I read, India and Pakistan are two countries of one ancestor, very close.

So far we see India in the negative public spotlight on cryptocurrency, hopefully, With the rules and laws that are enforced in Pakistan to legalize crypto it can be a positive thing, especially India, because they are neighbors.

Think positively Pakistan has accepted crypto illegally, and India still considers crypto negative, I am sure this news can have a positive impact on India's status and law on crypto.

I am really feeling happy for this all because I sure if authorties able to do this all in next few months this could be great game changer for them and this will bring some good and positive news for cryptocurrecny as well because after Pakistan India surely feel in this way and then this community able to have really big number of new developers and investors which is going to bring good change but first of all we need some fast work from these peoples mostly this type projects take long time due to corrupt peoples in Establishment.

We don't care if it's legal or not.

It doesn't make any difference to people. Take as an example the situation years ago, before they started to bother us with laws, we didn't have a legal status for Bitcoin, did that stop us from using it, buying it, or selling it? Not at all.
On the opposite, all these legislations around cryptos restrict our freedoms from using it, and take money from our taxes on the top of that. So yes, why should we give a fuck to their legislations while we were doing fine without them all the previous years.

Legal status, regulations, taxes, whatever. doesn't make thing different in the way that we don't need them to be able to use BTC, and didn't wait to develop an ecosystem around it (and they didn't help either)

The person who contradicts me by saying that in order to be able to trade the BTC using the exchange platforms etc, you have to give it a status.
Who told you to use centralized exchanges? There are plenty of alternatives, just don't be too lazy. It doesn't make sense to use centralized platforms to use a decentralized currency.

You deserve more merit from me for this reply but sadly I have only 1 for your this reply because I am also feeling like you we not need any thing from them if any one have any doubt he can check few P2P sites thousand of member already buying/selling even this is illegal they have no intention about this all and if governments thinking to do this all its just for their own benefit as they are looking for centrazlied exchanges taxes and take money from all of us.

If Pakistan is legalizing and regulating cryptocurrency, then it is big news for Bitcoin users in that region. Because South Asia is perhaps the toughest region for crypto users right now. Recently someone who tried to install a Bitcoin ATM in India was arrested and his laptops and mobile phones, along with the equipment was confiscated. And last year, dozens of individuals were arrested in Nepal and Bangladesh, just for trading cryptocurrency.

I hope so too, as I said above Pakistan can be the best country to accept crypto to come.

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OP, I saw some interesting and very positive news for the crypto community in Pakistan six hours ago.
It looks like the crypto community in Pakistan can breathe a sigh of relief.

This is the best news of all time i saw about crypto in pakistan.

Pakistan's SEC Discusses Cryptocurrency Regulation, Central Bank Confirms No Crypto Ban (https://news.bitcoin.com/pakistan-cryptocurrency-regulation/)

Honestly, we have also faced a lot of difficulties. But I wonder why such an attitude despite being crypto-legal in India? Isn't the government happy with the legal status of cryptocurrency?

@YOSHIE Thank you for letting me know. And of course, this is breathe a sigh of relief. however, I have updated my local community about it, I am sure they will be very happy with this news. Thank you once again, bro

Legalizing bitcoin in any country does not mean that few people can trade freely on centralized platform or whatever. Making and declaring it legal changes the mindset of the entire nation. Currently in Pakistan, most of the people do not believe in bitcoin and many due to no knowledge and lack of govt. support, call it a ponzi scheme. Since, there is no legal status of it in the country, no one can use it openly to accept it as a payment method in their business.
When government will declare it legal, people will start using it and it will be easily used as a payment method just like fiat or paper money. More people will come to know about it and eventually people will realize the advantages of digital currency.

If any country should show interest in bitcoin now is due to their personal interest, the regulation will come with processes of tax collection or imposed fee from fiat-cryptocurrency exchange. It is a good time to allow cryptocurrency in a country, when the bull market is still far away and countrymen can put some fund to reap generational wealth. Money from cryptocrrency can flow into economy and diversification of fund from cryptocurrency can improve lives of many forever.

The problem in India is that cryptocurrency is in the "grey zone", i.e not completely legal. Earlier there was a banking ban on Bitcoin. Users were prohibited from using their bank account to trade in cryptocurrencies. But even then, there was no ban on holding or transacting cryptocurrency. However, a few local exchanges were forced to shut down as a result of this banking ban. The supreme court of India announced a few months ago, that the ban has no legal basis. But there are other legal complications.

From what I heard, the equipment and the coins were seized from the Bitcoin ATM provider, because he didn't had the necessary license to operate the ATM. But the operator claims that he applied a number of times for the license, but everytime the authorities turned down his request saying that they don't provide such a license. 

Sometime back when I joined this community I was feeling India could be really big stake holder in this as they are in software industry but sadly after reading some good number of issues and other problems feeling sad for them because they can go on top with this all they already have some good system and other things just need some legislation and this is going to help them in good way for good exchanges and other stuff which can bring billions of USD in investment and they can have some good upper hand but sadly red carpet is still big problem.

Even if bitcoin is legalized in Pakistan, the landscape wouldn't change that much. Personally I see legalization as one step towards formalization of entities dealing with cryptocurrencies, with not much value added into it given that people are already using it in the country sans the big services that may enter the scene once the government gives a go signal about it. Services and platforms might appear here and there, though people will surely just use services outside the country that have been far more reliable and convenient to them and served their purpose well.

Regulations give freedom and restrictions at the same time, so I'll always have mixed feelings towards it especially on countries with a not-so-firm belief about it.

Here you have very good point because Pakistan is already facing some big troubles and trying to settle these all its not easy job peoples need some basic things for regular life instead of this cryptocurrency but this exposure can give some good hope to many youths and investors as they will able to do this all without any fear and freely right now as these things are going I am also feeling happy as they are doing some quick work for this all.

Of course, the decision to legalize cryptocurrency in Pakistan will greatly influence the government of neighboring India on this issue.  Pakistan has always been on the list of states where cryptocurrency was completely banned.  However, times are changing.  The Pakistani government sees all significant world states taking steps to legalize cryptocurrencies and move towards issuing their digitized central bank currencies.  Nobody wants to remain on the sidelines of technical and especially financial progress.  You can be sure that after such a decision, the Indian government will soften its position on the cryptocurrency.

Brutal wake-up!!!!
I want to see the faces of those cheering on regulations when the financial inspectors start hunting them down and ask for the tax on trading revenue and they start getting charged with tax evasion. Oh, it will be legal, more people will use it, you will simply have to pay a lot for nothing and strat following stupid rules with a lot of fine printing that could get your ass in jail for twice declaring a 10satoshi/b deduction for the fees you paid consolidating your inputs.


Lol, look where we have arrived. At the point where the users of decentralized currency have to beg a shitty government to regulate it so they can use it. I guess you'll be fine with the government making state-controlled custodial wallets mandatory also, right?


....and their entire GDP is lower than that of Denmark with a population of 5 mils.

Do not give these ideas to these government who are thinking hard about how to control the market, a state sponsored wallet is a new concept and countries like China, Pakistan and India can come up with these stupid ideas :D .

If it is a productive population then it will have a major impact but anyone who is into bitcoin and are interested in the market are already active and i do not believe about a population who will be joining once regulations are set in. I am not completely neglecting that factor but still i am not having much hope for that but when it comes to corporate investment legalization might be a major factor.

It wasn't actually my idea, people have been toying with that concept for a while, including registering your address in a database and allowing businesses to conduct transactions only from those addresses. I can't remember who the bright guy with this concept was.

Anyhow, Forget CH/PK/IN
Venezuela is way ahead of that..
Venezuela to Incorporate Bitcoin and Litecoin Wallets into National Remittances Platform (https://news.bitcoin.com/venezuela-to-incorporate-bitcoin-and-litecoin-wallets-into-national-remittances-platform/)

How convenient, you can now receive your coins from friends abroad in a wallet controlled by the state...
Aren't regulations awesome?  ;D

Why shouldn't they control whatever you are making, if one has been using his country name, using its resources, a country has given him shelter to live and free to do everything remaining within the constitution. It's the right of the govt to ask where that money is coming from and the rights of taxation.


You seem to be a person who blames its govt for whatever they do and you himself are a more corrupt person than your govt. Why shouldn't they control from whatever means you are making if they have let you live in their country?

I do not want any government meddling with my financial freedom, if i want the interference from the government with every penny i make i will provide my bank account :D. The only regulation i want is the way in which how projects collect money and that is the only space i want to see regulation just to combat the scams.


Are you talking about you, since you are using the country name in your profile :D . Majority of the people have other their opinions which is different from you. I do not mind paying the tax and providing my source of income but for them to monitor every activity is not what i want from an elected government. My counter argument is that anyone who is into politics should be transparent rather than the other way around.

After a while, we as a community must realise that legalisation is sometimes just a cover for excessive regulation.

There is really no need for bitcoin to be legalised for it to reach its full potential. After all, it is decentralised and does not need a central sanctioning entity to endorse or back it up in order for it to function, which is its entire premise in the first place.

I think that given the history of Pakistan with a very restrictive and hostile attitude toward bitcoin, it is very likely that this will be a case of revenue-grab by the government as opposed to any serious attempt to integrate bitcoin and blockchain tech into the mainstream economy.

The only thing i can think is the increase in taxation, other than that what excessive regulation they can come up with.

Exactly but what can be done to get rid of the the scams in the cryptocurrency market.

Integrating BTCitcoin and blockchain technology into the mainstream economy is not that easy and it will take a really long time to see those major shift.

 I think you have very little knowledge about Pakistan and your comments are based on false information speeded by Media.   We have never any restriction or law against bitcoin we have thousands users and traders they all doing their work without any problem its just some hype which hurting us very badly otherwise Pakistan is much better country in this region for crypto adaption because of large English speaking community  and a reasonable number of IT professional  as well as internet  access is available not only in cities but also in villages. Therefore legislation will bring some more safety and better environment for many other peoples those will contribute very positively in near future.

This is a good news for the citizen of Pakistan. In this country so many people used Crypto. There are so many Crypto investor or trader. If the government legalizing bitcoin or other Crypto then the citizen can easily use of it. They don't need to hesitate to transaction it. This will help them a lot.

State Bank of Pakistan has reportedly clarified that cryptocurrency is not banned.

You don't want to know how you sound in my opinion!


Let me live in THEIR country? Seriously??? THEIR country?
No wonder your country is that fucked up when the government is ALLOWING you to live there.

How's that working for you? Ranked  151 in GDP per capita, ranked 152 by HDI, 123 by literacy, 139 by life expectancy, and 120 in the least corrupt countries. And you have the guts to talk about corruption?  But you must be proud your "chosen" government is allowing you to live in your OWN county.

The 19th century is desperately calling and has some news for you! It's not the government that allows us to live in our country, and this stands for all of Europe, it's us who are electing the movement, if the government is made of imbeciles they are the ones getting a kick in the ass.

But yeah, probably this concept of freedom is new and outrageous for some that like to be slaves
So, again, how's this working for you?

Great but most of people in pakistan not know about crypto i think 0.5% people use crypto in pk in that time to Avranas about crypto and others digital platform to people in case the govet decide and regulate the crypto i think the govt generate a big revenue in the farm of tax most of the literate people not know the name of crypto and trading but i hope the govt good decision about the crypto

Really Pakistan changed their stands towards the crypto currencies just because of the people from social media and btcointalk putting pressure on them? But its more sarcatic than practical.

We know Pakistan is strong supporter of Chinese government and their ideas and China is planning to bring their new centralized tokens which maybe the reason why the same thing is going to be followed in Pakistan as well, simply they are going to trap all your transactions.

I do not think crypto adoption has any relation with GDP in any way.

I don't know about other countries but laws will be made for crypto in Pakistan like Australia and Malaysia.

Relax my friend, crypto has been given legal status in more than 100 countries, so Pakistan has also started working on it. I don't think China is behind this.

I am a frequent traveler to India and I have some business interests there (not crypto-related). The biggest issue is the red-tape and bureaucracy. The central government is trying to attract the investors from other countries, but they are unable to improve the system. Dealing with the Indian bureaucrats is tiring, frustrating and unrewarding. Remove the red tape, and India will be among the top-3 economies in the world.

Right now there is no problem you can trade in crypto without any fear because already we have thousands of members doing this without any problem don't spread any rumours about this issue nothing happening wrong in Pakistan for crypto lovers just chill and enjoy with this all.

I took the liberty of completing the quote so you can read again to what part I was replying and it had nothing to do with adoption but with the contribution, it's one thing for the population to use money, it's a different thing to buy enough BTC to have an impact on the global price and thus a contribution.

Let me give you a simple example of why this GDP factor will determine how much contribution will be, let's look at some other thing that costs money, requires money to be used (txs), and has nearly the same price all over the world, more like gold and unlike bread and rent.
The number of cars in Pakistan 3,557,470 , number of cars in Denmark 2,530,047 although the population is 40 times higher. You see why GDP is important because people with little income can't afford things, and they will for certain not afford to buy enough BTC, just how they can't afford to buy more gold or more diamonds or anything else.

That's the harsh reality, no matter how much people would love to spin the story and see BTC as something distributed globally and equally, it will not, the ones with money will be able to buy more than the poor, just how it has always been.

@stompix I agree with your this part we are really far behind in many things because we have no strong economy and system which helps common peoples for growing rapidly but right now we are going to have some good changes which will bring some good ways even its going to take some time but surely changing happening for good so right now we are not big player in world economy and crypto world but we will be good and positive for many things in near future hopefully this will be ok for all and now we will not mess up with things as right now happening here on this thread thanks for understanding.

It will be the good news for the people who belong to pakistan. And pakistan is a developing county, so we can except more investors from it. After the legalisation happened in India, the pakistan government had taken this step. It was good move by pakistan government. It help the government to monitor the flow of cryptocurrency in their country.

As we are doing some good things in Pakistan for crypto we have big news from World's Biggest crypto related exchange now they are giving opportunity to local crypto lovers they can use local currencey for trading on BINANCE without any problem just need to clear KYC which is not problem for many peoples in Pakistan becasue they understand this all is very important right now.

https://i.imgur.com/0gtvjHt.png?1

Another very important step towards the legalization of crypto in Pakistan. Seems we are on right track now.

One of Pakistan’s four provinces urges federal govt to legalize crypto: https://cointelegraph.com/news/one-of-pakistan-s-four-provinces-urges-federal-gov-t-to-legalize-crypto

That's a really good news but can you give me the exact link on the binance where we can trade  using local currency or buy crypto currencies using Pakistani Ruppee ?
 

First of all pass your level 2 verification as you clear this then you have to go in Trade then P2P section and select PKR where you can select this all without any problem and another thing before doing this you must do one trade on any other coin as its also must for joining in fiat or P2P trading hopefully now you can understand this all easily.
https://i.imgur.com/XKxgSv2.png?1

Another good news that KP Assembly Passes Resolution Legalizing Bitcoin And Cryptocurrencies (https://propakistani.pk/2020/12/03/kp-assembly-passes-resolution-legalizing-bitcoin-and-cryptocurrencies/).  

I am sure soon bitcoin will be legal in all provinces of Pakistan.  :)

They believe in the future and they finally acknowledge Cryptocurrency

I hope all the other countries will have the same perspective and acknowledge that Cryptocurrency is the future and will have a place in society and in for their future generation.

KPK and SIND governments have taken the right step though late but Late is always better than never. Punjab the Largest province of Pakistan has not taken any step in this direction , hope they will also follow SIND and KPK soon. Pakistan's users base of Internet is growing fast and now stands around 17% of its population and 75% use Cell phones. We have reasonable number of IT Professional in Pakistan, our IT exports are growing @ 20% per year, this is very encouraging data which reflects deep roots of IT awareness in our society and that can make good basis to adopt Block chain Technology/crypto currencies in Pakistan.

i.t adoption is important not just crypto because it will be useless if let say they adopt crypto but the number of people that knows knowledge relating to i.t is small , when i say i.t that already covers internet and other use related to  computers .
we cant say those countries are late because we dont know what they are going thru , they do have a problem or they wait for other countries to adopt crypto first before they do their part but the wait is over because they are now starting legalizing it .

Young population in Pakistan should be used for the development of the country.Some terrorist group misguiding the young people and make use of them for the hazardous activity to the human population.It is not a good one and the country need a huge development for the huge population living their.The young people should be broadminded.

Well said. You are absolutely right that we can not move further in adopting Blockchain Technology and crypto at large scale without educating our people. It is very important that people understand " What is Block chain technology and How can we make best use of it for Business and other purposes" I  know there is an institute in Pakistan offering  training  courses on Block chain technology. The link is give below:

https://www.pakistanblockchaininstitute.org/

https://decrypt.co/53918/pakistan-is-now-using-government-funds-to-mine-bitcoin
"Pakistan is Now Using Government Funds to Mine Bitcoin
The country’s economic growth has slowed down in the past few years. But Bitcoin mining could help partially revive that.

In brief
The government of one of Pakistan’s four provinces has set up two mining farms.
It had earlier pushed for favorable crypto laws in the country.
Countries like Pakistan and Iran have turned to Bitcoin to revive a failing economy."

Recently we have some good changes in leadership which bringing good changes in policies so just because of this we have some good and fast work by legislators they are understanding this all is very important and we cannot avoid this all we have to go with lates technology and latest trend around the world so one province passed the bill and start working for this all which is big change.

Actually they did not Ban crypto currency particularly the Bitcoin therefore the Pakistani people are already enjoying investing in Bitcoin without tax. This regulation will just cut-off the happiness of the people by regulating it and then the government could now declare it a legal but of course the tax of earning from Bitcoin will finally will be implemented legally too.

This is smart thinking about cryptocurrency by pakistan. I think now almost all country should step up about cryptocurrency and should be now legal in all countries.
 Pakistanis People like cryptocurrency and i saw many people who invested big amount in big exchanges like binance.
Also many youtube od pakistan show their live trading in cryptocurrency.
Waqar zaka working hard to make a legal. But one province i not enough. All 5 provinces should change policies.
No body can now ignore the importance of bitcoin and other cryptocurrency. Hope we will hear good news in some days about cryptocurrency in pakistan and other countries.

You said it very rightly that Leadership change has created new Hope that Technology adoption will be accelerated in Pakistan because  they are very supportive towards development of science and Technology in Pakistan. Our IT Exports have grown more than 20% and Technology stocks like Netsol, TRG,  System and AVN have shown tremendous growth during the past months. These all positive developments  testify seriousness of our current leadership to achieve target of  Digital Pakistan.

Good news indeed but since Pakistan's economy is in turmoil and it's mostly dependent on foreign ad, I don't think this will give any boost to BTC price or increase its adoption as average pakistani might not be able to buy it.
That said, if crypto is legalised, Pakistan can opt for Bitcoin mining and create big mining farms.
This will also boost their economy.

Yeah, Actually this decision of the government is better. When technology developing rapidly, You have to adapt to it. If you couldn't able you will be a slow as a snail to your future wealth growing. So the governments must see these new opportunities to young entrepreneurs to become successful in their life and bring foreign money into their country. At the same time I heard news from the Indian government, They are going to banned crypto from the country. I don't know what is the rationale behind that. But It will not a wise decision to take at the moments like this.

The first thing is that you should not quote my entire post while you could quote any particular phrase that you wanted to reply to. Anyways let's move forward.


Yes, Pakistan has faced a lot of difficulties in the last few years. But trust me, the situation in Pakistan is not as bad as you think. The many of peoples in Pakistan are buying/selling crypto currencies. And do you know when this buy-sell is taking place? When Crypto was strictly banned in our country! ^{in 2020} Now when the Pakistani government is going to give it a legal status, I think that people could invest in it. And Of course I do not say that Pakistan is a very rich country but it is also wrong that people here cannot buy bitcoins.

source
 (https://www.statista.com/statistics/1195753/bitcoin-trading-selected-countries//)

For your information, let me tell you that research based mining farms has already been approved, and has already established one or two farms.
After all I request you. You should not trust the media too much, because they also give a lot of false news. Thank you

As what I have remembered about Pakistan, they are one of those countries in the world who don’t recognize Bitcoin and cryptocurrencies as legal tenders. Not to mention, Paypal was off the charts in their country as well, so Pakistanis are finding it hard to expand their business worldwide because of these limitations.

It’s a good start now for Pakistan in working on legalizing Bitcoin and other cryptocurrencies instead of completely banning or restricting them like what is happening on India and Nigeria now.

Nice and impressive  Post with good research work. It sounds so good that our nation is showing great interest in this Emerging Field of Technology which has taking the whole world by storm. Bitcoin has been making Headline in all Media channels worldwide. This Emerging Technology has created many Millionaires all over the world. I strongly believe that it can also help our nation by creating new job opportunities.

This is not all about Internet users and population its all about adoption of technology and giving good and fair opportunities to common peoples but sadly in many developing countries its not happening just because of this we are losing ground against developed countries and our corrupt system and rulers taking all advantage of this all hopefully this all will change and we will able to have some better use of this all in near future.

Good news for Pakistan community. But legalize bitcoin doesn't mean that it will replace the paper money. It will be used as a second method of payment.
Because it requires Internet for sending and receiving money. But it is a good news for us. It will provide employment to many people.

An excellent example of state deregulation. Who needs the black market of cryptocurrency and all the related problems that this market bears. Instead of restrictions and prohibitions, smart countries and states follow the path of adjusting their economies to new standards. It is obvious that those who have time and do it better for market participants will benefit in the long term - these are taxes, investments and jobs. (new highly qualified tax residents)

I don't think there is anything wrong with your idea. If Government legalize crypto on this condition, then why not?
It is better than banning crypto. We will stay behind in crypt and blockchain revolution if we ban crypto so any idea or conditions by Government should be accepted.

I will stop using bitcoin if the government force to use them only with the government owned third party wallets, if you are not holding the coins then you are not the owner of the coins and even if the government give you an insurance for the coins you are holding and you never know what decision they will take if billions of dollars worth of coins are hacked as there will be a limit for compensation.

https://netmag.pk/the-rise-of-cryptocurrency/ (https://netmag.pk/the-rise-of-cryptocurrency/) The Rise Of Cryptocurrency

While India is following the path of banning cryptocurrencies and "tightening the screws" - Pakistan is showing the opposite example! Bravo! This is a very smart step in the 21st century! The competitive advantages of countries mastering this complex topic will be undeniable in the near future. In my opinion, it is stupid to prohibit something when you can participate and manage the process. Receive taxes and other pleasant investment bonuses. Governments must think about budgets!

Well said. Indeed, it is a smart move by Pakistan to take initiative to adopt this great technology rather than remain in Denial  mode and deprive people from taking benefits of this emerging Technology . Blockchain technology has changed the fortune of Individuals during recent past and it can also help government in implementing Ecommerce in every field of life as well as  create jobs for our IT graduates. The very next step what Government should take is to allow crypto Exchanges like https://urdubit.com/ to operate in Pakistan like many developed countries. It can be a good source of Tax revenue like Stock Market.

Current Pakistani leadership is doing much better for many things just because of this they are bringing some good and soft policies for crypto as well but sadly recently too much negative views about Pakistan giving negative impact to world but hopefully with many positive things and policies we have better results and better number in near future Pakistan could be very good and strong country for crypto community.

It will be very interesting if Pakistan succeeds in carrying out this reform. The result of such a reform can be a good additional income to the state budget of Pakistan, an increase in the capitalization of the IT sector and the rapid development of blockchain in this country. Against the background of government regulation and "tightening the screws" in India in relation to cryptocurrencies, Pakistan looks like a more attractive country. I am sure this is the right decision.

Of course, it will be interesting. But what makes me happiest is that blockchain technology will be taught to our future generations. That is why we are willing to pay taxes to the government.


If I'm not wrong, the Indian government wants to introduce its own digital currency by declaring Bitcoin and other cryptocurrencies illegal.

Pakistan has taken a more flexible path and, in my opinion, this is the right decision. Why go along the path of prohibitions and restrictions if you can open up and give an opportunity to develop a lot of new projects. They will work without fear and pay taxes to the state. But the national digital currency of India is a gamble with an unknown end.

If any country like India or Pakistan decide to go for National crypto currency then How it will be different from their national Fiat currency? The central Bank will have authority to print as much they want so in short it will be be neither De-centralized nor Anti inflationary. It won't be replacement of BTC. Please comment if you don't agree with my thoughts.

It seems to me that all thoughts and dreams that transactions will not be visible and controlled are utopian. Sooner or later, all sane countries of the world will accept cryptocurrency in some form into the national financial system. This is a factor of competitiveness that many do not notice yet, but very soon (I am sure) it will, as a rule, be mandatory for an advanced country.

hmm,yes that is good news and slowly it will be in our country also because nowadays in this generation it is very helpful for daily life .and one day there will be the cryptocurrency will be legal in each and every country.

Modern states such as Pakistan do not carry out such reforms by accident. You need to understand that the country is in constant confrontation with India. While completely different processes, regulation and prohibitions are underway in India, Pakistan is making the right decision and legalizing cryptocurrencies. Other members of the forum correctly noted that Pakistan is a country with a young and large population. This is an important factor for social lifts and the rise of a new branch of the economy.

this is very good news. Pakistan is legalizing bitcoin and other cryptos, a perfect move. other developing countries can follow suit. Pakistan is in the top 5 with the largest population, this could make Pakistan quickly become a more developed country. By legalizing crypto, Pakistan will issue its own crypto?

This is very good news for all of us. I hope every country will give legitimacy to cryptocurrency step by step. In the last few years, the ecosystem of Bitcoin has expanded, and online bitcoin exchanges have also been launched. Bitcoin now has legal recognition in many countries around the world. However, bitcoin is still banned in Bangladesh, Egypt, Algeria, Morocco and other countries.

So I think that in this topic and in the answer to the question: how the state will act and the future of the world economy is buried. It is already obvious that there are and will be "leaders" such as Pakistan, China and other countries who are working to not only control but also to deal with the issue, the sovereign issue of cryptocurrency. Other states that for some reason do not want to work in this direction will simply lag behind in their development and economic structure. All of this will ultimately affect competitiveness in the global economic arena.

Going by date of op, I assume this News was published last year in November. I haven't heard any update since then.
The crypto world is full if rumors. It is seldom that we come across some authentic news. That's is particularly about so called third world nations where almost 90% population have not even heard about crypto let alone own them.
I also read somewhere that one of pakistani provincial government is going to set up btc mining farm but it also turned out to be fake news.

You are absolutely right Crypto world is full of rumors but good thing we have few good and positive things happening in our country as now many peoples talking about this on media and publicly which is very good and as you mention one off province is going to set up mining farm is already working and surely in near future you will have some more good and positive news about this from this part of world.

There are two ideas that come to my mind when I hear about the legalization and popularization of cryptocurrency in a particular country ... 1) This is a very positive signal for the market. Especially when it is such a large country in terms of population as Pakistan. The influx of public and private investments into the cryptocurrency market + public interest raises the prices of projects where they will invest. 2) The club of countries where cryptocurrency is legal expands and grows - this means that this trend will continue in the future and bitcoin, like other currencies, will grow in the same way. If you are cryptocurrency holders, this should please everyone. This news can only be welcomed and I do not know who can find any negative in it.

You are absolutely right we are in the most populated area of this world and this can change fortune for millions with many ways, but sadly we have the most corrupt system in the Third World which is hurting very badly and not giving access to common peoples on better technology and way of life. If we are able to have spread this technology surely some revolutionary changes can happen and cryptocurrency could be worlds most demanded market. But sadly few countries have very strict laws and not allowing to do this all for Pakistani people's this is going to be some better in coming days.

Ah sorry, I haven't updated OP for a long time. but from now on I will update it regularly.


The Khyber Pakhtunkhwa (KP) government has formed an advisory committee that is working on crypto legalization. Therefore, I assure you that this news was not fake. The Pakistani government has indeed set up manning firms ... And it is not clear to the general public when they will be allowed for mining. Anyway, all this is happening in one province of Pakistan, but so far nothing has been heard from the federal government.

I think the situation will repeat the experience of some other countries. Before declaring Bitcoin and other cryptocurrencies completely legal throughout the country, perhaps Pakistan will first make some province a test area for such activities. Time will pass - the government will look at the results, draw a conclusion and make a decision based on the results. This happens, for example, in Dubai there is the same situation.

Now Pakistanis have some good fun with Cryptocurrency as Legend @Waqar Zaka is in limelight for this all and roaring he can do some extraordinary for this country. What is your thoughts about this please go ahead.

https://twitter.com/ZakaWaqar/status/1389937242404278279?s=20

https://twitter.com/ZakaWaqar/status/1389627715645546502?s=20

This is very good news for all of us. Although a little late, the Pakistani government has realized that the future of cryptocurrency will control the world, its future is much brighter. Hopefully, cryptocurrency will be gradually legalized in every country.

I want to know whether the Pakistan government will legalize bitcoin and cryptocurrency as a mean of payment or will only legalize it as asset that can be traded with various rule that must be obeyed? If bitcoin adoption in Pakistan is successful, then I think there are several other countries that will do the same. But if it will only be legalized as an asset that can be traded without being used as a mean of payment, then at least Pakistan has supported bitcoin and this cryptocurrency exists.

Can't say anything about it, bro, as no explanatory statement has been given by the Federal government so far...

But it is a fact that there is neither a ban on crypto in Pakistan nor legal status has been given to cryptocurrencies. Therefore, there is no issue of trading, we can sell/buy crypto, just we cannot do mining.

I think A group of people is working to legalize Bitcoin in Pakistan. Especially in the province of KPK.The State Bank of Pakistan and SECP are designing a framework for its legalization. Pakistani neighbors Iran, India has legalized cryptocurrency. Turkey is also near to regulating the cryptocurrency system. Pakistan is a developing country. There is unemployment and poverty. The legalization of crypto will provide employment to all ages of life, especially young and women.

Online work in Pakistan had started soon after the introduction of internet in the world. As concern cryptocurrency, people are working on it since its beginning. A large community of people including all ages is very eagerly working on bitcoin and cryptocurrency including trading, stalking, and mining, etc. This community is doing their work without any hesitancy and hurdle and they are satisfied with their work.

As concerned with legalizing bitcoin and other cryptocurrencies, it will fell a good impact on this community. It will also help Govt to improve the unemployment problem.

Pakistan is one of leading countries in freelancers and works related to this even there are many issues related to online work government is also not helpful for peoples mostly they were bringing regulations against common people's interest but still we are achieving some good landmarks with few countries have some serious allegations without any solid proof against Pakistan about money laundering and terror financing.
But recently we have some good things about this cryptocurrency and digital works which is doing very good if now current authorities allow this all under State Bank regulations then we will be able to bring some good investments in this industry which can change things for common peoples very quickly.

Lool like there is some change in the stance of the government of Pakistan and now they are not interested to regulate crypto in the country.

NO PLANS TO ALLOW CRYPTOCURRENCY IN PAKISTAN ANYTIME SOON: FAWAD CHAUDHRY (https://arynews.tv/cryptocurrency-Pakistan-fawad-chaudhry/)

Almost every country of the world including our neighboring country has been hesitant to speak anything positive about the crypto currency.

We have few ministers without mind here in Pakistan, and mostly they deliver speeches about things which they are having no information, so it's all about this sometime back Asad Umer was really interested in these few things because he is well known about these all, so It's just for having some fun hopefully in near future we will have some better statements about this. But one thing is also very stupid like China and India is already bans these crypto related activities so may be just because of this they will also do this in same way but still we need to wait with patience about this all because few peoples still working for this all, and hopefully we will have some positive about this.

We are just getting bad news for crypto currencies within the Pakistan and its look like that Pakistani government isn't interest in digital currency and are more eager to ban them completely. Athough they have not ban it right now but it has been observed that P2P trading is highly on the radar of the federal investigation agencies and they may arrest people doing P2P cryto trading.

You can find some details here but this is not the complete details.
Pakistan’s central bank reportedly wants to ban crypto (https://cointelegraph.com/news/pakistan-s-central-bank-reportedly-wants-to-ban-crypto)

Lol, after planning to legalizing crypto a year before... now they're stop the plan and making new plan to ban crypto ;D It's nothing less or more like China and India were do this for crypto, they're still in grey area to use that. However it's really a concern when they're bought a crypto when it's legal, but after those countries crackdown about crypto... they're in trouble if they want to sell their coins.

I've remembered Nigeria central bank froze their customers funds if their accounts has a linked activity of trading crypto.

Considering that Pakistan has been grey-listed by FATF due to its connections with sponsoring terrorism, it probably would be one of the things that the Pakistan central bank wants to do to manage that image. The bad image makes it difficult for avenues of receiving foreign funds and investments from the formal sector. I don't think that a handful of Pakistanis spending time to earn little amount of Bitcoin and crypto makes much of a difference to the economy. The fact that its central bank is giving this so much attention is interesting.

Especially after having worked and given out signals to bring about regulations, doing a U-Turn now would suggest that there are other reasons behind this. I would not be surprised though that the Govt considers it a threat as the extremist groups may actually be using crypto for a hawala network. Pakistan has struggled internally with the extremist elements for a long time and nothing is as it seems in Pakistan.

Well as a neighbor who is watching the fruits of hatred in my own country, I can only say that may the people and those in power continue to take the right path. Violence and extremism can never lead to anything fruitful. All it leads to is more power struggle and more bloodshed.

The government is looking to take more strict steps and looking to ban the crypto portals across the countries. This may not help the people and the economy. If portals and exchanges are banned, people will use the backdoors and access those portals through VPNs.

More details on this news here PTA to be approached for blocking crypto portals (https://www.dawn.com/news/1669737/pta-to-be-approached-for-blocking-crypto-portals)