Pakistan has started work on legalizing bitcoin and other cryptocurrencies

[Mistafreeze]

~

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? 

I don't think there is anything wrong with your idea. If Government legalize crypto on this condition, then why not?
It is better than banning crypto. We will stay behind in crypt and blockchain revolution if we ban crypto so any idea or conditions by Government should be accepted.

[Clement Kaliyar]

~
I don't think there is anything wrong with your idea. If Government legalize crypto on this condition, then why not?
It is better than banning crypto. We will stay behind in crypt and blockchain revolution if we ban crypto so any idea or conditions by Government should be accepted.

I will stop using bitcoin if the government force to use them only with the government owned third party wallets, if you are not holding the coins then you are not the owner of the coins and even if the government give you an insurance for the coins you are holding and you never know what decision they will take if billions of dollars worth of coins are hacked as there will be a limit for compensation.

[netmag]

https://netmag.pk/the-rise-of-cryptocurrency/ The Rise Of Cryptocurrency

[Streets 2.0]

While India is following the path of banning cryptocurrencies and "tightening the screws" - Pakistan is showing the opposite example! Bravo! This is a very smart step in the 21st century! The competitive advantages of countries mastering this complex topic will be undeniable in the near future. In my opinion, it is stupid to prohibit something when you can participate and manage the process. Receive taxes and other pleasant investment bonuses. Governments must think about budgets!

[Sayeds56]

While India is following the path of banning cryptocurrencies and "tightening the screws" - Pakistan is showing the opposite example! Bravo! This is a very smart step in the 21st century! The competitive advantages of countries mastering this complex topic will be undeniable in the near future. In my opinion, it is stupid to prohibit something when you can participate and manage the process. Receive taxes and other pleasant investment bonuses. Governments must think about budgets!

Well said. Indeed, it is a smart move by Pakistan to take initiative to adopt this great technology rather than remain in Denial  mode and deprive people from taking benefits of this emerging Technology . Blockchain technology has changed the fortune of Individuals during recent past and it can also help government in implementing Ecommerce in every field of life as well as  create jobs for our IT graduates. The very next step what Government should take is to allow crypto Exchanges like https://urdubit.com/ to operate in Pakistan like many developed countries. It can be a good source of Tax revenue like Stock Market.

[Indymoney]

While India is following the path of banning cryptocurrencies and "tightening the screws" - Pakistan is showing the opposite example! Bravo! This is a very smart step in the 21st century! The competitive advantages of countries mastering this complex topic will be undeniable in the near future. In my opinion, it is stupid to prohibit something when you can participate and manage the process. Receive taxes and other pleasant investment bonuses. Governments must think about budgets!

Current Pakistani leadership is doing much better for many things just because of this they are bringing some good and soft policies for crypto as well but sadly recently too much negative views about Pakistan giving negative impact to world but hopefully with many positive things and policies we have better results and better number in near future Pakistan could be very good and strong country for crypto community.

[Streets 2.0]

It will be very interesting if Pakistan succeeds in carrying out this reform. The result of such a reform can be a good additional income to the state budget of Pakistan, an increase in the capitalization of the IT sector and the rapid development of blockchain in this country. Against the background of government regulation and "tightening the screws" in India in relation to cryptocurrencies, Pakistan looks like a more attractive country. I am sure this is the right decision.

[CryptoYar]

It will be very interesting if Pakistan succeeds in carrying out this reform. The result of such a reform can be a good additional income to the state budget of Pakistan, an increase in the capitalization of the IT sector and the rapid development of blockchain in this country.

Of course, it will be interesting. But what makes me happiest is that blockchain technology will be taught to our future generations. That is why we are willing to pay taxes to the government.

Against the background of government regulation and "tightening the screws" in India in relation to cryptocurrencies

If I'm not wrong, the Indian government wants to introduce its own digital currency by declaring Bitcoin and other cryptocurrencies illegal.

[Streets 2.0]

Pakistan has taken a more flexible path and, in my opinion, this is the right decision. Why go along the path of prohibitions and restrictions if you can open up and give an opportunity to develop a lot of new projects. They will work without fear and pay taxes to the state. But the national digital currency of India is a gamble with an unknown end.

[Sayeds56]

It will be very interesting if Pakistan succeeds in carrying out this reform. The result of such a reform can be a good additional income to the state budget of Pakistan, an increase in the capitalization of the IT sector and the rapid development of blockchain in this country.

Of course, it will be interesting. But what makes me happiest is that blockchain technology will be taught to our future generations. That is why we are willing to pay taxes to the government.

Against the background of government regulation and "tightening the screws" in India in relation to cryptocurrencies

If I'm not wrong, the Indian government wants to introduce its own digital currency by declaring Bitcoin and other cryptocurrencies illegal.

If any country like India or Pakistan decide to go for National crypto currency then How it will be different from their national Fiat currency? The central Bank will have authority to print as much they want so in short it will be be neither De-centralized nor Anti inflationary. It won't be replacement of BTC. Please comment if you don't agree with my thoughts.

[Streets 2.0]

It seems to me that all thoughts and dreams that transactions will not be visible and controlled are utopian. Sooner or later, all sane countries of the world will accept cryptocurrency in some form into the national financial system. This is a factor of competitiveness that many do not notice yet, but very soon (I am sure) it will, as a rule, be mandatory for an advanced country.

[sanjusajan]

hmm,yes that is good news and slowly it will be in our country also because nowadays in this generation it is very helpful for daily life .and one day there will be the cryptocurrency will be legal in each and every country.

[Streets 2.0]

Modern states such as Pakistan do not carry out such reforms by accident. You need to understand that the country is in constant confrontation with India. While completely different processes, regulation and prohibitions are underway in India, Pakistan is making the right decision and legalizing cryptocurrencies. Other members of the forum correctly noted that Pakistan is a country with a young and large population. This is an important factor for social lifts and the rise of a new branch of the economy.

[Emerald688]

this is very good news. Pakistan is legalizing bitcoin and other cryptos, a perfect move. other developing countries can follow suit. Pakistan is in the top 5 with the largest population, this could make Pakistan quickly become a more developed country. By legalizing crypto, Pakistan will issue its own crypto?

[imran101]

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.

This is very good news for all of us. I hope every country will give legitimacy to cryptocurrency step by step. In the last few years, the ecosystem of Bitcoin has expanded, and online bitcoin exchanges have also been launched. Bitcoin now has legal recognition in many countries around the world. However, bitcoin is still banned in Bangladesh, Egypt, Algeria, Morocco and other countries.

[Streets 2.0]

So I think that in this topic and in the answer to the question: how the state will act and the future of the world economy is buried. It is already obvious that there are and will be "leaders" such as Pakistan, China and other countries who are working to not only control but also to deal with the issue, the sovereign issue of cryptocurrency. Other states that for some reason do not want to work in this direction will simply lag behind in their development and economic structure. All of this will ultimately affect competitiveness in the global economic arena.

[KryptoKings]

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.

This is very good news for all of us. I hope every country will give legitimacy to cryptocurrency step by step. In the last few years, the ecosystem of Bitcoin has expanded, and online bitcoin exchanges have also been launched. Bitcoin now has legal recognition in many countries around the world. However, bitcoin is still banned in Bangladesh, Egypt, Algeria, Morocco and other countries.

Going by date of op, I assume this News was published last year in November. I haven't heard any update since then.
The crypto world is full if rumors. It is seldom that we come across some authentic news. That's is particularly about so called third world nations where almost 90% population have not even heard about crypto let alone own them.
I also read somewhere that one of pakistani provincial government is going to set up btc mining farm but it also turned out to be fake news.

[GbitG]

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.

This is very good news for all of us. I hope every country will give legitimacy to cryptocurrency step by step. In the last few years, the ecosystem of Bitcoin has expanded, and online bitcoin exchanges have also been launched. Bitcoin now has legal recognition in many countries around the world. However, bitcoin is still banned in Bangladesh, Egypt, Algeria, Morocco and other countries.

Going by date of op, I assume this News was published last year in November. I haven't heard any update since then.
The crypto world is full if rumors. It is seldom that we come across some authentic news. That's is particularly about so called third world nations where almost 90% population have not even heard about crypto let alone own them.
I also read somewhere that one of pakistani provincial government is going to set up btc mining farm but it also turned out to be fake news.

You are absolutely right Crypto world is full of rumors but good thing we have few good and positive things happening in our country as now many peoples talking about this on media and publicly which is very good and as you mention one off province is going to set up mining farm is already working and surely in near future you will have some more good and positive news about this from this part of world.

[willoweb]

There are two ideas that come to my mind when I hear about the legalization and popularization of cryptocurrency in a particular country ... 1) This is a very positive signal for the market. Especially when it is such a large country in terms of population as Pakistan. The influx of public and private investments into the cryptocurrency market + public interest raises the prices of projects where they will invest. 2) The club of countries where cryptocurrency is legal expands and grows - this means that this trend will continue in the future and bitcoin, like other currencies, will grow in the same way. If you are cryptocurrency holders, this should please everyone. This news can only be welcomed and I do not know who can find any negative in it.

[GbitG]

There are two ideas that come to my mind when I hear about the legalization and popularization of cryptocurrency in a particular country ... 1) This is a very positive signal for the market. Especially when it is such a large country in terms of population as Pakistan. The influx of public and private investments into the cryptocurrency market + public interest raises the prices of projects where they will invest. 2) The club of countries where cryptocurrency is legal expands and grows - this means that this trend will continue in the future and bitcoin, like other currencies, will grow in the same way. If you are cryptocurrency holders, this should please everyone. This news can only be welcomed and I do not know who can find any negative in it.

You are absolutely right we are in the most populated area of this world and this can change fortune for millions with many ways, but sadly we have the most corrupt system in the Third World which is hurting very badly and not giving access to common peoples on better technology and way of life. If we are able to have spread this technology surely some revolutionary changes can happen and cryptocurrency could be worlds most demanded market. But sadly few countries have very strict laws and not allowing to do this all for Pakistani people's this is going to be some better in coming days.