Pakistan taking a U-turn

[Z-tight]

If we are talking about cbdc's here, which looks like it, then there is nothing interesting about this news. Cbdc's are pro-surveillance tools that the government would use to monitor people's finances better. It is very different from cryptocurrencies.

I do see a trend of smaller countries choosing to loosen their belts a bit towards crypto

Smaller countries with poor economy are more open to the prospect of BTC and crypto. Since the eye of the world isn't really on them and they want to see how new technology can be of use to them, they can experiment with digital currencies.

[Darker45]

I'm a bit confused. Is it really a U-turn? It doesn't seem so. The past policy was clear that Bitcoin, Ethereum, and other cryptocurrencies aren't legal tender, and that banks and other financial institutions are not allowed to provide services to cryptocurrency exchanges. Neither are they allowed to accommodate transactions involving cryptocurrencies.

So, what has changed? What specifically is being referred to here as a "major shift" or a "historic shift"? Bitcoin remains not a legal tender, right? Are banks now allowed to serve cryptocurrency exchanges? Or are they now allowed to accept crypto transactions?

[batang_bitcoin]

This just shows that even though a country has written off bitcoin, it doesn’t mean it can’t change.

Countries and personalities that have once mentioned their hate and dislike of Bitcoin can always change. That's why Pakistan, known people in the world can give their stance in crypto as a hater but then they eventually are going to like it. There's no one that can dictate what they should like and dislike but only based on their observation and the trend that can be beneficial to them with this action by the government of Pakistan.

What other countries do you hope to reconsider their laws about bitcoin and crypto at large? China comes to mind first seeing how strong and largely popular was crypto there.

Let's just hope that the majority of those that have expressed dislike to Bitcoin will also change their stance.

[serjent05]

Pakistan has moved to legalize crypto, marking a major shift in its financial policy, which has historically labeled digital assets such as Bitcoin and Ethereum as illegal tender.

The federal government has proposed amendments to its State Bank of Pakistan (SBP) Act, allowing the SBP to issue the country’s money in digital currency. read here

In 2023, Pakistan was very firm on their stance about crypto. They promoted the idea that using cryptocurrencies allows for illegal activities and therefore will not be encouraged and anyone to use cryptocurrencies will not be protected by the government. But now we see that they seem to be getting more lenient with crypto probably after seeing many countries adopting bitcoin and reaping rewards.

This just shows that even though a country has written off bitcoin, it doesn’t mean it can’t change. What other countries do you hope to reconsider their laws about bitcoin and crypto at large? China comes to mind first seeing how strong and largely popular was crypto there.

Just what I always believe in, there is no law that is set on stone especially when it comes to technology and its application.  Pakistan is indeed against cryptocurrency but I believe what changes their stance is the fact that Bitcoin is getting accepted and legalize in different country especially the USA and other European Country.

It is a good thing that they had decided to change their stance since they had been missing big time when they see Bitcoin as tools for illegal stuff when the truth is that it works the same as other currency except it is decentralized and far from corruption.

I'm a bit confused. Is it really a U-turn? It doesn't seem so. The past policy was clear that Bitcoin, Ethereum, and other cryptocurrencies aren't legal tender, and that banks and other financial institutions are not allowed to provide services to cryptocurrency exchanges. Neither are they allowed to accommodate transactions involving cryptocurrencies.

So, what has changed? What specifically is being referred to here as a "major shift" or a "historic shift"? Bitcoin remains not a legal tender, right? Are banks now allowed to serve cryptocurrency exchanges? Or are they now allowed to accept crypto transactions?

I believe the country, Pakistan, is now looking to legalize Cryptocurrency as what @OP cited.  That maybe a possible Uturn if not an actual U-turn as of this date.

[kryptqnick]

I agree with others who have pointed out that there's a major difference between being friendly toward decentralized cryptos like Bitcoin or Ethereum and allowing the state bank to issue its own currency. What they're doing is legalizing CBDC, and that can be coherent with maintaining a general crypto ban. Because their problem with cryptos isn't that they are digital; it's that they are produced in a decentralized way by someone who isn't state authorities.

[tbct_mt2]

I agree with others who have pointed out that there's a major difference between being friendly toward decentralized cryptos like Bitcoin or Ethereum and allowing the state bank to issue its own currency. What they're doing is legalizing CBDC, and that can be coherent with maintaining a general crypto ban. Because their problem with cryptos isn't that they are digital; it's that they are produced in a decentralized way by someone who isn't state authorities.

Support on CBDC means hate against Bitcoin and cryptocurrency. Like the USA government with Biden and Harris want to launch the USA's CBDC and we already saw their approaches as anti-Bitcoin, anti-cryptocurrency as much as possible.

Trump is anti-CBDC and this way, he has more reasons to support Bitcoin and cryptocurrency. It is not a must condition that if he doesn't like CBDC, he will automatically support Bitcoin and cryptocurrency, but has more reasons to do so.

If governments launch their CBDCs, they will not want their citizens ignore CBDCs and only or mainly use bitcoin and cryptocurrencies for transfers in societies. To make sure CBDCs will be used mainly by governemts, there is no other way to ban or put many restrictions on Bitcoin and cryptocurrencies.

[jcojci]

A country can change their regulation about crypto especially for Bitcoin and Ethereum or with other coins. That will depends on the government how they can see the benefits of crypto to their country especially their citizens. I don't have a clue which other countries that will reconsider their laws about Bitcoin and crypto at large because that will depends on how will be each government of the country thinks about Bitcoin and crypto.

The thing is when the government research what is the benefit of Bitcoin and crypto to their citizens and they found that can gives a chance to their citizens to have a better life, they may change their laws soon. But we know that will not as easy as we thinks because in the government, many interests behind that so when they cannot gets the benefits for them, they will not adopts Bitcoin like the other countries.

[pawanjain]

Pakistan has moved to legalize crypto, marking a major shift in its financial policy, which has historically labeled digital assets such as Bitcoin and Ethereum as illegal tender.

The federal government has proposed amendments to its State Bank of Pakistan (SBP) Act, allowing the SBP to issue the country’s money in digital currency. read here

In 2023, Pakistan was very firm on their stance about crypto. They promoted the idea that using cryptocurrencies allows for illegal activities and therefore will not be encouraged and anyone to use cryptocurrencies will not be protected by the government. But now we see that they seem to be getting more lenient with crypto probably after seeing many countries adopting bitcoin and reaping rewards.

This just shows that even though a country has written off bitcoin, it doesn’t mean it can’t change. What other countries do you hope to reconsider their laws about bitcoin and crypto at large? China comes to mind first seeing how strong and largely popular was crypto there.

I am from India and to be honest it's good to hear that Pakistain is in favor of legalizing crypto.
The country has been not doing so well with it's economic situation and I hope this action by the government improves the financial situation of the country.
All in all, I wish Pakistan good luck and hope it creates regulations that support crypto.

[Antotena]

In 2023, Pakistan was very firm on their stance about crypto. They promoted the idea that using cryptocurrencies allows for illegal activities and therefore will not be encouraged and anyone to use cryptocurrencies will not be protected by the government. But now we see that they seem to be getting more lenient with crypto probably after seeing many countries adopting bitcoin and reaping rewards.

This just shows that even though a country has written off bitcoin, it doesn’t mean it can’t change. What other countries do you hope to reconsider their laws about bitcoin and crypto at large? China comes to mind first seeing how strong and largely popular was crypto there.

Maybe this is more to this that we don't know or this is just another plot by some group of people in the government that want Bitcoin to be free will for everyone. There is nothing bad in it but a place like Pakistan, hmm I really hope it comes to past but there is definitely things that are hidden under this U turn. My first fear and sanction that will follow them is terrorism and money laundering, there is high history of these two from the region.

What is the world bank saying about this? Will they continue to lend them money? What about IMF? This guys don't give loans if you don't follow there guideline. If they don't do their bid, they definitely not having any free money that will be coming their countries again.

[X-ray]

it can be the effect of the fact that big countries legalizes crypto and doing so well with it, like how the recent US election campaign also try to cater to crypto holders.

the thing with some country is that, they are hesitant to make a bold and significant move towards new asset like this, worrying that it could create a problem, but once they figured out that the well developed country are having no problem at all instead can help solve some of the problem, they'd see the good light in it.

el salvador's case of paying off its debt by just holding crypto also shed a good light toward crypto in general.