Pakistan has started work on legalizing bitcoin and other cryptocurrencies

[irfan_pak10]

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 .

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.

-snip-

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?

[7788bitcoin]

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

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 . 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.

~
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.

Are you talking about you, since you are using the country name in your profile . 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.

[magneto]

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.

[eaLiTy]

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

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

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.

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

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.

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.

[Sayeds56]

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.

 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.

[Tamim121]

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.

[iamylee]

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

[stompix]

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.

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

Why shouldn't they control from whatever means you are making if they have let you live in their country?

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?

[badshahg]

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

[Findingnemo]

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.

[CryptoYar]

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

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

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

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

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.

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.

[bryant.coleman]

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.

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.

[Indymoney]

We are looking for Government of Pakistan when that legalize crypto currency ,and we can trade without any fear ,and yes I will slso help to increase economy of Pakistan and ihope Government will think seriously about it very important issue

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.

[stompix]

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.

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

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.

[Indymoney]

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.

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

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.

[usekevin]

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.

[Indymoney]

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.

[irfan_pak10]

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

[UmerIdrees]

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.

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 ?
 

[Indymoney]

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.

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.