Pakistani Central banks wants to ban crypto

[Imran232]

The old technique, which is not much affected on the market anymore, is not much affected because crypto people already know and have proof that bitcoin is already established without any government support, only community-supported things, and where bitcoin has reached today is all because of its community. Now the community understands that it does not matter whether the government supports bitcoin or not; if people know about it, they will support it.So guys, don't panic. Stay with Bitcoin. Keep believing in it. It will not let you down. One day the government will regulate it, it's guaranteed.

[mindrust]

I would normally say that is nothing burger because nobody gives a shit about what Pakistan does but this time I am afraid that the other central banks might follow the Pakistani CB on this. I wonder what is it they are afraid of so much which makes them to take such rough measurements... Something must have freaked them out if they suddenly came up with this kind of regulation/law.

[noormcs5]

Not much of a surprise that another middle eastern country is wanting to control its citizens. I do agree with you in a couple levels. First, technically no country can all out ban bitcoin, there’s always going to be over the counter trading that will counteract this, however we do need the exchanges for the on and off ramps which are what’s going to help make bitcoin a global currency. Just my 2.

More surprise as banks want to ban its competitor bitcoin, when bitcoin does not need any permission from the banks or government to keep its existence. However, the adaption of bitcoin may bring the banking business to a complete end. So banks will always want people to stop using crypto and for this purpose, they may take help from the government.
No matter what they do, in the long term, no one can ban bitcoin.  

[franky1]

it was NY state
https://govt.westlaw.com/nycrr/Document/I85908c6b253711e598dbff5462aa3db3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

not sure why your talking about "city" to try to argue that it never happened

200.3 License.
(a) License required.
No person shall, without a license obtained from the superintendent as provided in this Part, engage in any virtual currency business activity. Licensees are not authorized to exercise fiduciary powers, as defined under section 100 of the Banking Law.

[dothebeats]

Bans would only make people crave for the real thing, and I'm also not sure what good it does to the country's economy. With bitcoin and crypto availability, at least people can make their own money, and perhaps do some domestic purchases to help stimulate the economy. Banning something is backwards thinking IMO, especially if there is a lot of potential to be had on it if the government takes their sweet time in studying it.

[UmerIdrees]

The Pakistani government is the latest country to propose a ban on crypto,

This News is not entirely correct as there is no ban on the crypto in the country. The next Court hearing date will be 12 April, 2022 where by the ministry of finance will tell their verdict on this purposed ban by the central bank. This is for now only a proposal and the final decision will be made on 12 April.

The people of Pakistan are very furious on the announcement and they won't let his ban happen. Using crypto is a basic right for everyone and government/banks have no rights to ban it.

[Issa56]

Seriously that's very bad, but am still suprise why all this countries are still avoiding cryptocurrency I believe they are just wasting there time trying to ban bitcoin because it can't stop bitcoin from growing and am sure people in the country will still be using cryptocurrency but it's no more legal is now illegal. I believe what government is suppose to do now is just to adopt bitcoin and cryptocurrency in general so that they will stop there selfs from unnecessary stress.

[DoublerHunter]

Seriously that's very bad, but am still suprise why all this countries are still avoiding cryptocurrency I believe they are just wasting there time trying to ban bitcoin because it can't stop bitcoin from growing and am sure people in the country will still be using cryptocurrency but it's no more legal is now illegal. I believe what government is suppose to do now is just to adopt bitcoin and cryptocurrency in general so that they will stop there selfs from unnecessary stress.

^ I suspected that it is against their religion which is they think BTC is a form of gambling and gambling is strictly prohibited by them.
No one will care if they will ban BTC, there are too many Muslim countries doing the same like this but later on, they will unban BTC and remain silent on this. Probably after a year, they will realize how potential BTC has when it comes to gaining profit, it will probably want to ban crypto because of possible terrorism activities which are BTC is easy to use that kind activity. However, let them be, sooner or later we will not surprised they will announce again they accepted bitcoin as a legal tender.

[Quidat]

Seriously that's very bad, but am still suprise why all this countries are still avoiding cryptocurrency I believe they are just wasting there time trying to ban bitcoin because it can't stop bitcoin from growing and am sure people in the country will still be using cryptocurrency but it's no more legal is now illegal. I believe what government is suppose to do now is just to adopt bitcoin and cryptocurrency in general so that they will stop there selfs from unnecessary stress.

^ I suspected that it is against their religion which is they think BTC is a form of gambling and gambling is strictly prohibited by them.
No one will care if they will ban BTC, there are too many Muslim countries doing the same like this but later on, they will unban BTC and remain silent on this. Probably after a year, they will realize how potential BTC has when it comes to gaining profit, it will probably want to ban crypto because of possible terrorism activities which are BTC is easy to use that kind activity. However, let them be, sooner or later we will not surprised they will announce again they accepted bitcoin as a legal tender.

Same thoughts and opinion that these bans and criticisms would turns out to be positive ones or really made out some u-turns whenever they do realize off things and telling to themselves that they were actually wrong on that early phase and its true that sooner or later they would able to discover it out yet crypto awareness and popularity or adoption isnt stopping as we do go ahead in future years to come.Banks would be always having that bad impressions towards crypto and since these institutions are heavily regulated then its no surprise that they would be following on what governments
rules and regulations which it isnt surprising.

[Issa56]

Seriously that's very bad, but am still suprise why all this countries are still avoiding cryptocurrency I believe they are just wasting there time trying to ban bitcoin because it can't stop bitcoin from growing and am sure people in the country will still be using cryptocurrency but it's no more legal is now illegal. I believe what government is suppose to do now is just to adopt bitcoin and cryptocurrency in general so that they will stop there selfs from unnecessary stress.

^ I suspected that it is against their religion which is they think BTC is a form of gambling and gambling is strictly prohibited by them.
No one will care if they will ban BTC, there are too many Muslim countries doing the same like this but later on, they will unban BTC and remain silent on this. Probably after a year, they will realize how potential BTC has when it comes to gaining profit, it will probably want to ban crypto because of possible terrorism activities which are BTC is easy to use that kind activity. However, let them be, sooner or later we will not surprised they will announce again they accepted bitcoin as a legal tender.

Am still suprise why people think Bitcoin is gambling, the question I always ask people is how is bitcoin gambling or how is cryptocurrency gambling? I believe cryptocurrency is just buying and selling and making profits and lost. Cryptocurrency is just like you are in the market and you are purchasing goods for yourself either to store, resell or to make use of it, since buying and selling is not gambling then cryptocurrency is not also gambling.

[Yogee]

They are quite late on trying to impose such bans on crypto since their neighbor India is trying for the longest time.
My guess is that the court will issue an order to further study the matter and maybe propose it as an investment asset.

...
and government/banks have no rights to ban it.

They can issue a banking ban on any form of currency other than fiat and there's nothing you can do about it.

[jossiel]

We've heard a lot of ban and are they still a thing today and do they ring a bell? I don't think so.

Let them have what they want to have and do what they have to do. That's no different from the news from China ban, India's ban and other countries that have made the same decision before.

But on this case of Pakistan, it's still a proposal and it could not be pushed if the government don't want to.

[tippytoes]

They are quite late on trying to impose such bans on crypto since their neighbor India is trying for the longest time.
My guess is that the court will issue an order to further study the matter and maybe propose it as an investment asset.

...
and government/banks have no rights to ban it.

They can issue a banking ban on any form of currency other than fiat and there's nothing you can do about it.

Some are not really well-informed why they are banning crypto. We don't know to what extent their government officials know about bitcoin or crypto. But I believe, it will take time before they will change their stance on crypto. Maybe, for now, they are against with crypto but only time will tell if they will change their minds towards crypto. If they are seeing neighboring countries to be more friendly with crypto, they may again reconsider this decision.

[Rengga Jati]

Hasn't it been a long time since the country did not legalize cryptocurrencies?
And is their focus now on making it difficult for them to make transactions from crypto proceeds to their bank accounts?
Well, if so, aren't their other alternatives to cash out without going directly from the exchanges to their bank account? And so far, of course, crypto enthusiasts in the country have also used various alternatives to continue their activities in the crypto world.
What's more, it might just be a small FUD blown out in the country, just like the FUD about "haram" crypto in my country. However, it did not have a big effect on citizens and the crypto world.

[adzino]

I don't understand why those countries want to put a ban on crypto currencies. Banning something is not a solution. If the government is afraid that people will be using it for evading taxes or other illegal financial activities, then why not just regulate it properly? Introduce a proper regulatory framework that will allow their users to use crypto currencies legally without any issue. I am sure their government doesn't know much about how crypto currencies and blockchain works, hence instead of trying to learn about it, they are just proposing a ban without any justification. I hope they know that even after they ban it, their people will still be and will be able to use bitcoin.

[stompix]

it was NY state
https://govt.westlaw.com/nycrr/Document/I85908c6b253711e598dbff5462aa3db3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

not sure why your talking about "city" to try to argue that it never happened

That's why everyone dislikes you Franky, when you get caught saying stupid things you go and edit posts and then pretend it didn't happen and you pretend you never said the stupid things you did.

You said NYC , here is the archived version of your post:
https://loyce.club/archive/posts/5897/58979795.html

you do remember the NYC ban

Then when you realized NYC stands for the CITY as I pointed out you went back and edited your own post:



You've sunk so low I can't figure out why you're not already in Australia or at least 3/4 past the core of the Earth

[maju69]

Even if the policy is passed, the market will not be too much affected. As people have said before, even though there is a ban it doesn't mean that people who use cryptocurrencies can't fully access their crypto. So this is still in the development stage and the validity test of the data comparability needs to go through various stages of ratification by amendment of the board in Pakistan. Pakistan's presence and impact on crypto don't really have much of a role to play, so we still remain optimistic that the ban will not have too much impact on the stability of the crypto market, especially Bitcoin.

That's right, because crypto is private, even we know how to access it. It is not only the central bank of Pakistan that has spoken this way, many have previously rejected it. But as we have seen so far, there is no significant effect on cryptocurrencies.
You are right, it is possible for the central bank to issue a policy to ban it, but not for the existence of crypto.

[Leviathan.007]

From what I know about Pakistan they are facing groups like the Taliban and surely they should be more careful about their people's money transactions because this because related to the gun or even bomb deals with these groups maybe that's the reason for their government to ban bitcoin-related transactions in their country however from what we know about bitcoin this cannot be suspended from any government so there will be not any serious problem for the bitcoiners to use bitcoin for their transactions.

[Ryker1]

From what I know about Pakistan they are facing groups like the Taliban and surely they should be more careful about their people's money transactions because this because related to the gun or even bomb deals with these groups maybe that's the reason for their government to ban bitcoin-related transactions in their country however from what we know about bitcoin this cannot be suspended from any government so there will be not any serious problem for the bitcoiners to use bitcoin for their transactions.

Well this is what I am thinking too --it could be bitcoin used in terrorist activity and I think the government of Pakistan trying to control their people's money. Perhaps in the end, --Pakistan will understand how bitcoin will work and even though traditional money can be also used in terrorism.
However, I don't think this will have a huge effect, Pakistan has a small country. Look at China, they even don't have an impact to the price and I think this is nothing.

[PreciousH]

As you know crypto is becoming popular now a days, and even if Pakistani central banks wants to ban crypto, still there crypto is used by many users in Pakistan. So, it's hard to ban crypto anymore.