Pakistan has started work on legalizing bitcoin and other cryptocurrencies

[CryptoYar]

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.

[..] And I also think that soon cryptocurrency will become legal in Pakistan after that many more newbies will also come to this forum. [..] We are putting pressure on the government through Social Media and many other ways. https://crypto-economy.com/a-twitter-campaign-in-pakistan-is-in-trending-urging-government-to-legalize-cryptocurrencies-in-pakistan/  Further cryptocurrency has never been banned in Pakistan it has only been mislead people with misreporting by the media. The State Bank has not imposed a ban on cryptocurrency in Pakistan, the central’s bank lawyer told the Sindh High Court on Thursday. https://www.samaa.tv/news/2020/11/cryptocurrency-ban-in-pakistan-sindh-high-court/
[..]

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.

Pakistan’s government is working on a framework for regulating cryptocurrencies like Bitcoin (BTC).
The Securities and Exchange Commission of Pakistan, or SECP, has published a consultation paper on regulating digital assets. Issued on Nov. 6, the paper outlines major concepts for the growing digital finance market in Pakistan and examines the existing regulatory frameworks developed by other global jurisdictions.

News link

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.

UPDATES

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

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."

Another good news that KP Assembly Passes Resolution Legalizing Bitcoin And Cryptocurrencies.  

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

Really did he do that?

Wow amazing that’s true money making machine...


https://www.facebook.com/616148968880321/posts/1099253397236540/?d=n

3 weeks old news

The science and technology advisor to Chief Minister Khyber Pakhtunkhwa, Ziaullah Bangash, has announced that the inaugurating meeting of Pakistan’s first advisory committee for Cryptocurrency and Cryptomining will be held to “review and discuss necessary steps to regulate, legalise, and necessary legislation.” He also thanked the provincial assembly members who were instrumental in raising their voice towards the initiative and hoped that they would continue to carry out their efforts.

news link

[Lorence.xD]

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.

[blockman]

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.

[YOSHIE]

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.

[Indymoney]

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.

[LeGaulois]

...

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.

[Bitcoin577]

...

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.

[bryant.coleman]

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.

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.

[YOSHIE]

~~

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


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

[CryptoYar]

[..] 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. [..]

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?

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.

@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

[UmerIdrees]

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.

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.

[royalfestus]

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.

[bryant.coleman]

[..] 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. [..]

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?

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. 

[Bitcoin577]

[..] 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. [..]

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?

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.

[dothebeats]

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.

[Bitcoin577]

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.

[Argoo]

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.

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.

[stompix]

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.

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.

Yet there is no choice for it, for bitcoin to keep going and avoid a ban in Pakistan then it has to be regulated.

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?

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.

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

[7788bitcoin]

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?

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 .

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.

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.

[stompix]

~

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 .

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

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