Pakistan has started work on legalizing bitcoin and other cryptocurrencies

[CryptoYar]

Going by date of op, I assume this News was published last year in November. I haven't heard any update since then.

Ah sorry, I haven't updated OP for a long time. but from now on I will update it regularly.

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.

The Khyber Pakhtunkhwa (KP) government has formed an advisory committee that is working on crypto legalization. Therefore, I assure you that this news was not fake. The Pakistani government has indeed set up manning firms ... And it is not clear to the general public when they will be allowed for mining. Anyway, all this is happening in one province of Pakistan, but so far nothing has been heard from the federal government.

[1715259478]

1715259478

[1715259478]

1715259478

[1715259478]

1715259478

[1715259478]

1715259478

[Streets 2.0]

I think the situation will repeat the experience of some other countries. Before declaring Bitcoin and other cryptocurrencies completely legal throughout the country, perhaps Pakistan will first make some province a test area for such activities. Time will pass - the government will look at the results, draw a conclusion and make a decision based on the results. This happens, for example, in Dubai there is the same situation.

[GbitG]

Now Pakistanis have some good fun with Cryptocurrency as Legend @Waqar Zaka is in limelight for this all and roaring he can do some extraordinary for this country. What is your thoughts about this please go ahead.

https://twitter.com/ZakaWaqar/status/1389937242404278279?s=20

https://twitter.com/ZakaWaqar/status/1389627715645546502?s=20

[imran101]

This is very good news for all of us. Although a little late, the Pakistani government has realized that the future of cryptocurrency will control the world, its future is much brighter. Hopefully, cryptocurrency will be gradually legalized in every country.

[ShowOff]

I want to know whether the Pakistan government will legalize bitcoin and cryptocurrency as a mean of payment or will only legalize it as asset that can be traded with various rule that must be obeyed? If bitcoin adoption in Pakistan is successful, then I think there are several other countries that will do the same. But if it will only be legalized as an asset that can be traded without being used as a mean of payment, then at least Pakistan has supported bitcoin and this cryptocurrency exists.

[CryptoYar]

I want to know whether the Pakistan government will legalize bitcoin and cryptocurrency as a mean of payment or will only legalize it as asset that can be traded with various rule that must be obeyed?

Can't say anything about it, bro, as no explanatory statement has been given by the Federal government so far...

But it is a fact that there is neither a ban on crypto in Pakistan nor legal status has been given to cryptocurrencies. Therefore, there is no issue of trading, we can sell/buy crypto, just we cannot do mining.

Both mining and trading in cryptocurrencies currently exists in a legal grey area in Pakistan, though, and federal authorities would have to provide a clear path towards legalizing the sector before it could be formally opened to investors.

[syedakhlaque]

I think A group of people is working to legalize Bitcoin in Pakistan. Especially in the province of KPK.The State Bank of Pakistan and SECP are designing a framework for its legalization. Pakistani neighbors Iran, India has legalized cryptocurrency. Turkey is also near to regulating the cryptocurrency system. Pakistan is a developing country. There is unemployment and poverty. The legalization of crypto will provide employment to all ages of life, especially young and women.

[syedakhlaque]

Online work in Pakistan had started soon after the introduction of internet in the world. As concern cryptocurrency, people are working on it since its beginning. A large community of people including all ages is very eagerly working on bitcoin and cryptocurrency including trading, stalking, and mining, etc. This community is doing their work without any hesitancy and hurdle and they are satisfied with their work.

As concerned with legalizing bitcoin and other cryptocurrencies, it will fell a good impact on this community. It will also help Govt to improve the unemployment problem.

[GbitG]

Online work in Pakistan had started soon after the introduction of internet in the world. As concern cryptocurrency, people are working on it since its beginning. A large community of people including all ages is very eagerly working on bitcoin and cryptocurrency including trading, stalking, and mining, etc. This community is doing their work without any hesitancy and hurdle and they are satisfied with their work.

As concerned with legalizing bitcoin and other cryptocurrencies, it will fell a good impact on this community. It will also help Govt to improve the unemployment problem.

Pakistan is one of leading countries in freelancers and works related to this even there are many issues related to online work government is also not helpful for peoples mostly they were bringing regulations against common people's interest but still we are achieving some good landmarks with few countries have some serious allegations without any solid proof against Pakistan about money laundering and terror financing.
But recently we have some good things about this cryptocurrency and digital works which is doing very good if now current authorities allow this all under State Bank regulations then we will be able to bring some good investments in this industry which can change things for common peoples very quickly.

[UmerIdrees]

I think A group person is working to legalize Bitcoin in Pakistan. Especially in the province of KPK.The State Bank of Pakistan and SECP are designing a framework for its legalization. Pakistani neighbors Iran, India has legalized cryptocurrency. Turkey is also near to regulating the cryptocurrency system. Pakistan is a developing country. There is unemployment and poverty. The legalization of crypto will provide employment to all ages of life, especially young and women.

Lool like there is some change in the stance of the government of Pakistan and now they are not interested to regulate crypto in the country.

NO PLANS TO ALLOW CRYPTOCURRENCY IN PAKISTAN ANYTIME SOON: FAWAD CHAUDHRY

Almost every country of the world including our neighboring country has been hesitant to speak anything positive about the crypto currency.

[GbitG]

I think A group person is working to legalize Bitcoin in Pakistan. Especially in the province of KPK.The State Bank of Pakistan and SECP are designing a framework for its legalization. Pakistani neighbors Iran, India has legalized cryptocurrency. Turkey is also near to regulating the cryptocurrency system. Pakistan is a developing country. There is unemployment and poverty. The legalization of crypto will provide employment to all ages of life, especially young and women.

Lool like there is some change in the stance of the government of Pakistan and now they are not interested to regulate crypto in the country.

NO PLANS TO ALLOW CRYPTOCURRENCY IN PAKISTAN ANYTIME SOON: FAWAD CHAUDHRY

Almost every country of the world including our neighboring country has been hesitant to speak anything positive about the crypto currency.

We have few ministers without mind here in Pakistan, and mostly they deliver speeches about things which they are having no information, so it's all about this sometime back Asad Umer was really interested in these few things because he is well known about these all, so It's just for having some fun hopefully in near future we will have some better statements about this. But one thing is also very stupid like China and India is already bans these crypto related activities so may be just because of this they will also do this in same way but still we need to wait with patience about this all because few peoples still working for this all, and hopefully we will have some positive about this.

[UmerIdrees]

I think A group person is working to legalize Bitcoin in Pakistan. Especially in the province of KPK.The State Bank of Pakistan and SECP are designing a framework for its legalization. Pakistani neighbors Iran, India has legalized cryptocurrency. Turkey is also near to regulating the cryptocurrency system. Pakistan is a developing country. There is unemployment and poverty. The legalization of crypto will provide employment to all ages of life, especially young and women.

Lool like there is some change in the stance of the government of Pakistan and now they are not interested to regulate crypto in the country.

NO PLANS TO ALLOW CRYPTOCURRENCY IN PAKISTAN ANYTIME SOON: FAWAD CHAUDHRY

Almost every country of the world including our neighboring country has been hesitant to speak anything positive about the crypto currency.

We have few ministers without mind here in Pakistan, and mostly they deliver speeches about things which they are having no information, so it's all about this sometime back Asad Umer was really interested in these few things because he is well known about these all, so It's just for having some fun hopefully in near future we will have some better statements about this. But one thing is also very stupid like China and India is already bans these crypto related activities so may be just because of this they will also do this in same way but still we need to wait with patience about this all because few peoples still working for this all, and hopefully we will have some positive about this.

We are just getting bad news for crypto currencies within the Pakistan and its look like that Pakistani government isn't interest in digital currency and are more eager to ban them completely. Athough they have not ban it right now but it has been observed that P2P trading is highly on the radar of the federal investigation agencies and they may arrest people doing P2P cryto trading.

You can find some details here but this is not the complete details.
Pakistan’s central bank reportedly wants to ban crypto

[Jawhead999]

We are just getting bad news for crypto currencies within the Pakistan and its look like that Pakistani government isn't interest in digital currency and are more eager to ban them completely. Athough they have not ban it right now but it has been observed that P2P trading is highly on the radar of the federal investigation agencies and they may arrest people doing P2P cryto trading.

You can find some details here but this is not the complete details.
Pakistan’s central bank reportedly wants to ban crypto

Lol, after planning to legalizing crypto a year before... now they're stop the plan and making new plan to ban crypto It's nothing less or more like China and India were do this for crypto, they're still in grey area to use that. However it's really a concern when they're bought a crypto when it's legal, but after those countries crackdown about crypto... they're in trouble if they want to sell their coins.

I've remembered Nigeria central bank froze their customers funds if their accounts has a linked activity of trading crypto.

[amishmanish]

Considering that Pakistan has been grey-listed by FATF due to its connections with sponsoring terrorism, it probably would be one of the things that the Pakistan central bank wants to do to manage that image. The bad image makes it difficult for avenues of receiving foreign funds and investments from the formal sector. I don't think that a handful of Pakistanis spending time to earn little amount of Bitcoin and crypto makes much of a difference to the economy. The fact that its central bank is giving this so much attention is interesting.

Especially after having worked and given out signals to bring about regulations, doing a U-Turn now would suggest that there are other reasons behind this. I would not be surprised though that the Govt considers it a threat as the extremist groups may actually be using crypto for a hawala network. Pakistan has struggled internally with the extremist elements for a long time and nothing is as it seems in Pakistan.

Well as a neighbor who is watching the fruits of hatred in my own country, I can only say that may the people and those in power continue to take the right path. Violence and extremism can never lead to anything fruitful. All it leads to is more power struggle and more bloodshed.

[UmerIdrees]

We are just getting bad news for crypto currencies within the Pakistan and its look like that Pakistani government isn't interest in digital currency and are more eager to ban them completely. Athough they have not ban it right now but it has been observed that P2P trading is highly on the radar of the federal investigation agencies and they may arrest people doing P2P cryto trading.

You can find some details here but this is not the complete details.
Pakistan’s central bank reportedly wants to ban crypto

Lol, after planning to legalizing crypto a year before... now they're stop the plan and making new plan to ban crypto It's nothing less or more like China and India were do this for crypto, they're still in grey area to use that. However it's really a concern when they're bought a crypto when it's legal, but after those countries crackdown about crypto... they're in trouble if they want to sell their coins.

I've remembered Nigeria central bank froze their customers funds if their accounts has a linked activity of trading crypto.

The government is looking to take more strict steps and looking to ban the crypto portals across the countries. This may not help the people and the economy. If portals and exchanges are banned, people will use the backdoors and access those portals through VPNs.

More details on this news here PTA to be approached for blocking crypto portals