Pakistan taking a U-turn

[FortuneFollower]

Let us not take it for a surprise, change is always constant. We can all attesting that majority of Bitcoin adoptors today where mostly in doubt about it.

I have actually come to think that who hears about Bitcoin and does not have a second thought about it before investing their funds are mostly those who can possibly be scammed.
Bitcoin is a newly financial technology that has just existed after decades the fiats has existed.

The government has actually tried to make us individually have this negative influence on digital and a decentralized currency like Bitcoin in considerations... They are about the peoples funds but though they (government) are highily greediness feeding fats on the public funds. So alternatively, they fears about the adoption of the system since it is decentralized so they can not get aware with those their authoritative and selfish interests with it.

Now the Pakistan government has woken up earlier which I would not say late because in yead ahead, there would be more countries to adopt legal tendering of Bitcoin without undermining its decentralization anymore.

I am sure that the Pakistan government has since been on research of how they can utilize the use of Bitcoin is if adopted. Then they must have been made understand of how it could verily contribute to their economy and citizens adopting it may somewhere rely a so source of income there.
They did well with the approach i must say.

As it was said - they won't go and push for BTC itself, unfortunately, probably - but rather do their own thing.
But alas, it's far better than bans and things like that, of course.

[Spaceman1000$]

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.

The Pakistani Government shot itself on the foot by making such unsubstantiated statement about something they haven't taken any rigorous time to study about, because telling citizens that they will not be protected for using cryptocurrency goes to show that as a government, they didn't do their due diligence about the activities of cryptocurrency before coming out with such statements. The U-TURN they are taking now goes to show that, whatever they thought cryptocurrency was, is not really what they thought it would be and so far, they are at the losing side for coming to the party late. I believe by now as a Government they must have learnt their lessons not to take hasty decisions on new innovation because of petty sentiment and poor research on their own part as a Government.

[m2017]

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.

Pakistan, like any country (government) banned the use of bitcoin for fear of losing control over the money supply, and therefore the population. All these tales about illegal activities are just sweet nonsense to scare off the uninitiated from getting acquainted with cryptocurrencies.

Not only supporters of cryptocurrencies are not protected by the government, but also users of the traditional monetary system. Tell me how the government will protect its citizens from bankrupt banks (and loss of depositors' money) or from inflation (which no country in the world is able to contain).

But now we see that they seem to be getting more lenient with crypto probably after seeing many countries adopting bitcoin and reaping rewards.

That's not what they saw. What they saw was that cryptocurrencies (CBDC) could be used to exert even greater control over the population. You are mistaken in thinking that the reason for their leniency is their desire to make bitcoin accessible to their citizens.

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

Are you saying that Bitcoin and Ethereum are now legal tender in Pakistan? I don't believe it.

Their government only proposed amendments. This doesn't mean that they accepted them. And there is not a word about legalizing bitcoin, but about another CBDC.

I am 100% sure that no country will legalize bitcoin as a means of payment (except 3rd world countries like El Salvador) and the maximum that governments will allow is the use of bitcoin as an investment instrument.

[Faisal2202]

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 think we should not misinterpret the original news. If I am not wrong, Pakistan has not allowed or made virtual currencies (already in existence) legal, but they made some amendments to allow the Central Bank of Pakistan to issue digital currency that Pak citizens can use.  I don't know which technology they will be using, but it will be a centralized digital currency issued by SBP. I really don't understand what virtual currency they will be issuing soon I mean we already using PKR as digital currency on many finance apps, are they planning to introduce CBDs?

Well, whatever they are planning, I am sure they are not going to legalize cryptocurrencies anytime soon, but yeah, this is a first step toward digitalization, and maybe with time they think of legalizing crypto. I also hope the same that they legalize it. But unfortunately, they haven't yet. (Source)

[avikz]

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.

Get ready for more terrorists to join the crypto network then! Please understand the background -

- Pakistan is under a huge debt from IMF and World Bank
- These international organisations have forced Pakistan government to increase the tax rates and to cut down the government expenditure
- It is becoming very difficult for the government to directly support the terrorism organisations through the usual route as they are being monitored
- Pakistan government needs to find a way to support the terrorists groups in their country.

That's all! That's where cryptos are coming in.

[Cookdata]

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'm aware that the media isn't friendly with Pakistans and other countries but I don't take these guys words serious. If human right is protected in some of the regions where there is huge numbers of human suffocation. Unless there is something they are gaining from this legalization, I wouldn't trust and don't be caught unaware that the west will look away, wouldn't say anything now and then say something about terrorism, and money laundering.

If this true then I will say a good liberation is going on without any fight but I have every reason to say that terrorism will be a major problem about this and the IMF wouldn't agree to this. They will probably seize to give them loans and will ask world bank to stop the funding and other governance body that provide financial support to them. I will wait first what US will do about the legalization process.

[kotajikikox]

Digital_currency is not a crypto, which are a form of current money, but they are digital, completely centralized, and do not have to be on the blockchain.  So if the above quote is the only update, then nothing has changed.

[1] https://en.wikipedia.org/wiki/Digital_currency

According to the proposals, state banks would also be allowed to process digital payment services, facilitating blockchain-based transactions including the buying, selling, and trading of cryptocurrencies.

It is all proposal right now. Nothing set in stone but Pakistan recently had a change of leadership which makes me think that Pakistan may really be going to a different direction. The fact alone that they are venturing out into CBDCs could mean that they are already interested and studying cryptocurrencies and blockchain technology. They appointed a new minister of state for finance and revenue this year. Their previous one was very much against crypto so I think it makes sense to assume they are on the path of adopting cryptocurrencies now with the new minister.