Pakistan has started work on legalizing bitcoin and other cryptocurrencies

[UmerIdrees]

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

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.  

[aioc]

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.  

They believe in the future and they finally acknowledge Cryptocurrency

The draft of the resolution states current trends suggest that digital currencies will replace paper currencies in the future.

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.

[Sayeds56]

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

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.  

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.

[imstillthebest]

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 .

[AnonBitCoiner]

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.

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.

[Sayeds56]

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 .

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/

[zasad@]

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."

[Indymoney]

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.

[marcbitcoins]

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.

[Bitcoin577]

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.

[Sayeds56]

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.

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.

[Mistafreeze]

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.

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.

[raji1995naya]

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.

[CryptoYar]

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.

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.

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.

Position:	Country Name:	Million Dolllar:
1	USA	1,523.60
2	Russia	421.38
3	Nigeria	400.08
4	Europe (rest of)	204.41
5	China	198.26
6	United Kingdom	193
7	Colombia	147.49
8	Kenya	91.96
9	South Africa	87
10	Canada	65.56
11	India	63.72
12	Australia	54.78
13	Argentina	47.85
14	Peru	44.69
15	Philippines	30.77
16	Thailand	27.23
17	Brazil	25.22
18	Chile	23.81
19	Mexico	23.47
20	Sweden	23.38
21	Hong Kong	20.09
22	Ukraine	18.02
23	Malaysia	17.04
24	Pakistan	12.4
25	Vietnam	12.12
26	Singapore	10.64
27	New Zealand	9.92
28	Saudi Arabia	9.87

source

if crypto is legalised, Pakistan can opt for Bitcoin mining and create big mining farms.
This will also boost their economy.

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

[cheezcarls]

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.

[Sayeds56]

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.

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.

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.

Position:	Country Name:	Million Dolllar:
1	USA	1,523.60
2	Russia	421.38
3	Nigeria	400.08
4	Europe (rest of)	204.41
5	China	198.26
6	United Kingdom	193
7	Colombia	147.49
8	Kenya	91.96
9	South Africa	87
10	Canada	65.56
11	India	63.72
12	Australia	54.78
13	Argentina	47.85
14	Peru	44.69
15	Philippines	30.77
16	Thailand	27.23
17	Brazil	25.22
18	Chile	23.81
19	Mexico	23.47
20	Sweden	23.38
21	Hong Kong	20.09
22	Ukraine	18.02
23	Malaysia	17.04
24	Pakistan	12.4
25	Vietnam	12.12
26	Singapore	10.64
27	New Zealand	9.92
28	Saudi Arabia	9.87

source

if crypto is legalised, Pakistan can opt for Bitcoin mining and create big mining farms.
This will also boost their economy.

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

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.

[Kalantus]

It is a good news I see.
I also see that with the work force in Pakistan, Bitcoin and other Cryptocurrencies have great hope of booming the money market and this step will definitely help grow the economy of Pakistan.

Nigeria is the 7th country with the highest population according to pewresearch . org, and Nigeria has more or a little less of 136,203,231 internet users out of 205,886,311 of its population, which makes it the 6th country with the highest internet users in the world according to Wikipedia. I hope they reconsider their ban on Cryptocurrencies in Nigeria.[/b]

[GbitG]

It is a good news I see.
I also see that with the work force in Pakistan, Bitcoin and other Cryptocurrencies have great hope of booming the money market and this step will definitely help grow the economy of Pakistan.

Nigeria is the 7th country with the highest population according to pewresearch . org, and Nigeria has more or a little less of 136,203,231 internet users out of 205,886,311 of its population, which makes it the 6th country with the highest internet users in the world according to Wikipedia. I hope they reconsider their ban on Cryptocurrencies in Nigeria.[/b]

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.

[Rehan Zakir]

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.

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.

[Streets 2.0]

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)