Pakistani Central banks wants to ban crypto

[Renampun]

Pakistan doesn't have a big effect on bitcoin, so this news is nothing...

but if the US says they will ban crypto then the crypto market will surely falter for a while. It's not good if a country considers cryptocurrency as an enemy because in the future when mass adoption occurs, they will be like licking their own saliva.

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[Wawa2013]

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.

I agree to ban crypto, will not make people stop using crypto. As has happened in China, where the government has banned crypto several times.
But there are still many Chinese residents who use crypto, even the price of Bitcoin is not affected at all by China's ban. Therefore the same thing
will happen to Pakistan, especially since Pakistan is not as big as China. So please Pakistan central banks ban crypto, it will only harm
the country of Pakistan itself, because if the country of Pakistan legalizes crypto, more benefits can be obtained. Sometimes Pakistan does have
to take wrong decisions first to be able to realize the importance of crypto.

[franky1]

as for the china ban of summer 2021
guess what happened afterwards in october 2021
https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372

In accordance with the relevant work arrangements for the rectification[banning] of virtual currency "mining" activities, the National Development and Reform Commission and relevant departments have revised the "Industrial Structure Adjustment Guidance Catalog (2019 Version)", and are now open to the public for comments.
　　The public consultation period is from October 21, 2021 to November 21, 2021. Relevant units and people from all walks of life can provide feedback through the following channels and methods.

and in late november
https://www.ndrc.gov.cn/hdjl/yjzq/yjfk/cyjgtzzdml/202111/t20211130_1306450.html

　　In accordance with the relevant work arrangements for the rectification of virtual currency "mining" activities, the National Development and Reform Commission and relevant departments have revised the "Industrial Structure Adjustment Guidance Catalog (2019 Edition)", which will be released from October 21 , 2021 to 20.21 On November 21 , 2018 , it was open to the public for comments. During the public consultation period, relevant enterprises, industry associations, research institutions and the public put forward valuable opinions and suggestions through website messages, etc., and we will study them carefully with relevant parties. Here, I would like to express my gratitude for the concern and support from all walks of life!

so its not quite over and finished. they are atleast willing to listen to opinions to change the ban
then there is stuff like this said in december
http://js.news.cn/2021-12/21/c_1128184764.htm

On October 12 this year, we received the first batch of monitoring lists for virtual currency 'mining' handed over by our superiors. After verification, the current IP issues reported are all personal behaviors." A person in charge of the prefecture-level development and Reform Commission said that the superior department notified The object of rectification is "mining" projects, which are required to be included in the elimination category, but there are no specific requirements for personal "mining" behavior.

　　"The four households we screened out are also residential users, but as long as they do not steal electricity or owe electricity bills, we cannot take restrictive measures against them except for continuous monitoring.

in short, big farms. or residents that steal electric are "illegal" but residents that dont steal electric are not restricted although would be monitored to catch them if they steal electric

followed by

The interviewed experts generally expressed support for the supervision method of the separation of "chain" and "coin", believing that while cracking down on virtual currency, it is necessary to protect and develop digital technologies such as blockchain technology. China has the advantages of massive data and rich application scenarios, and has broad application prospects in the future. However, how to keep relevant industries from deviating and falling into the track of illegal financial activities, how to clarify the boundaries of rights and responsibilities of all parties, and improve the big data governance system are also future supervision. focus.

Several interviewed experts, including Mao Haijun, dean of the School of Transportation at Southeast University, put forward suggestions: First, define the legality of personal (family) virtual currency "mining" behavior, and clarify which behaviors should be included in the scope of rectification.

　　The second is to unify the goals of supervision, clarify the boundaries of rights and responsibilities, and solve the problems of asynchronous work in a timely manner. At the same time, carry out regulatory exploration and innovation, and through the joint collaboration of the power sector, telecommunications and public security departments, and through real-time monitoring of abnormal power consumption and abnormal network traffic, illegal "mining" is cracked down.

　　The third is to continue to protect and develop digital technologies such as blockchain technology

[bekti3]

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.

I don't think it's like that, the reason for btc is gambling, there have been many who have denied this, even religious circles can't say this because it has been refuted, the reason for religion is just made up I think but indeed things like this are actually a waste of time I think because this kind of thing will not have a significant impact and they should think about the future and not just for a moment

[Gyfts]

Noticed that from Cointelegraph, it seems they are following China's footprint. If my memory serves correctly, many times heard that Pakistan going to ban cryptocurrency. The government could announce it as an illegal asset. But they can't prevent you from using cryptocurrency. Due to the decentralized behavior of the cryptocurrency still, people can use it. Do you think China citizens haven't been using cryptocurrency? I don't think so. Banning cryptocurrency means governments don't want to get tax from you. That's what I believe.

Think the headline of the news is kind of shows bad journalism as it is not started that Pakistan has banned cryptocurrency rather it trade which is the same as not being allowed to be used for payment of goods and services within the country which is normal and is expected from such country just to protect the Central currency from totally failing into high inflation, but the citizens can still hold Bitcoin and will transact in cryptocurrency without any state punishment for using bitcoin. So the citizens are free to own and use crypto.

In case you are unaware, the banning of crypto always starts as regulation. Then the regulation ends up going too far, usually ending up in an outright ban. If you immediately ban crypto, the potential economic ramifications aren't worth the short term gains of forcing citizens to use the country's currency -- ie, if the US or China were to ban crypto, some portion of their economy would suffer given the amount of growth that can be attributed to the crypto sector (an insignificant portion, nonetheless, but still). Pakistan I wouldn't imagine serves as a hub for the crypto sector -- my point only being that initial regulations inevitably result in a ban.

[clint25n]

lately there have been so many bans on the world, both from several countries and from companies such as the central bank like what was done by Pakistan but for me it is not affected by the ban they are only able to ban bitcoin but not able to eliminate circulation bitcoin in various areas this is because bitcoin is very difficult to get rid of they can only ban their citizens or people associated with the company, we hope they don't ban bitcoin for some time now

[Anonylz]

They will end up like China and soon their threat will hold no value, it will only end up as empty threat, the crypto community am sure are already tired of this constant banning threat from all this government, while they are plotting on how to ban crypto new adoption are coming into it, they can't stop crypto existence and continuous usage, it has already elude them.

[ShowOff]

Pakistan doesn't have a big effect on bitcoin, so this news is nothing...

but if the US says they will ban crypto then the crypto market will surely falter for a while. It's not good if a country considers cryptocurrency as an enemy because in the future when mass adoption occurs, they will be like licking their own saliva.

For the Asian region, China's crypto ban has managed to get the market corrected some time ago, but I'm not sure how much of the crypto user base is in Pakistan that the market will have an impact. If Pakistan does not have enough crypto holders, then they cannot influence the market on a large scale. But unlike western countries, you will only see a market dump when one of them announces a crypto ban.

Governments try to againts crypto because they realize that most people will have their own bank with crypto, it will create competition between banks and crypto. The growing user base of crypto makes government "banks" start thinking about how they can get investors or customers. But clearly not everyone is interested in using crypto as a place to store money so maybe they will get some support for his proposal. But it would be much more profitable if they just regulate, not ban it.

[Argoo]

We have repeatedly seen that the prohibition of cryptocurrencies in a single country or even several countries cannot affect the spread of cryptocurrencies in the world. Pakistan has previously been hostile to cryptocurrencies. Therefore, the prohibition of cryptocurrency in this state will change practically nothing for the cryptocurrency market.
It will be bad for cryptocurrency if such a decision is made, say, at the G20 summit. If the ban exists in all these states, then the situation for the cryptocurrency will even be difficult to predict.

[Kelvinid]

We have repeatedly seen that the prohibition of cryptocurrencies in a single country or even several countries cannot affect the spread of cryptocurrencies in the world. Pakistan has previously been hostile to cryptocurrencies. Therefore, the prohibition of cryptocurrency in this state will change practically nothing for the cryptocurrency market.
It will be bad for cryptocurrency if such a decision is made, say, at the G20 summit. If the ban exists in all these states, then the situation for the cryptocurrency will even be difficult to predict.

Perhaps, Pakistan is just like nothing...we are supposed not to worry in the first place, and besides, they are not helping anyway. Banning crypto in their place is not a loss on our side. Cryptocurrencies will continue to grow without them and in fact, even China never has a huge impact on the market.

I know they have the reason for banning crypto in their place and it was respected. This will simply tell us that the spread of crypto is full of challenges, we can't force all the countries to adopt the system, and they also have the right to reject this.

[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.

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.

I do not think the Pakistani Government and those running the Central Bank are that dumb when it comes to crypto. It's been over a decade since BTC was born so they definitely know. It's just financial interest and not the lack of education that's making them issue or propose these bans.

[tygeade]

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.

Right from time the government has always believed that cryptocurrency can be used to fund terrorism. But, does banning cryptocurrency really bring a solution to the problem that they are having now? Because even if the government bans cryptocurrency, since it is decentralized, there will still be a way for people to continue making use of it.

And if there are people who are really making use of it to fund terrorism, don’t you think that they would still continue with such acts? Maybe they should look more into how they can prevent such from happening by capturing those that might be involved in such act. I don’t really think that banning cryptocurrency is the solution.

[Fortify]

The Pakistani government is the latest country to propose a ban on crypto, I know it's a possible ban that will affect crypto in general, but to be honest I'm pretty sure Bitcoin is definitely their main target in all of this as it's the crypto that most governments see as a "threat" to their complete dominance over their citizens financial activities, see this excerpt below:

The State Bank of Pakistan (SBP) is reportedly seeking to ban all cryptocurrency transactions in Pakistan.

I know there's prolly no way Bitcoin can become the most used currency in the world in place of Fiat, and I know quite a lot of people are of the view that the government do not actually feel threatened by Bitcoin, but personally I think they are, they are mostly worried by the "be your bank" option Bitcoin offers its users, and it's something quite a lot of people are starting to understand its importance, and I also believe CBDC's were launched in reaction to the growth of Bitcoin, to convince people that it's a digital currency like Bitcoin, which it's not. They also plan to impose sanctions on crypto exchanges, see this excerpt below:

The Pakistani central bank reportedly urged the court not only to ban cryptocurrency activity but also to impose penalties against crypto exchanges.

I believe all of this is just a calculated attempt to forestall Bitcoins growth and development, but just as has been the case in previous scenarios of Bitcoin ban, it would prolly only have an ephemeral effect on the price of Bitcoin, but in the long run would be inconsequential. What do you think would come out of this?

Full news: https://cointelegraph.com/news/pakistan-s-central-bank-reportedly-wants-to-ban-crypto

It seems like something natural for an overbearing government to do and likely comes back to tax revenue, but a lot of extremist activity takes place in certain regions of Pakistan as well. Bitcoin has many good uses but it can be abused by criminal elements as well, to transfer funds around which could be used to attack private citizens or even the government in various ways. The tax system in Pakistan will also be a mess because so much work is carried out on a cash only basis, so the government are probably trying to capture a bit more revenue that would be taking place electronically. For certain countries like this one, it's a difficult decision to weigh up the pros and cons of cryptocurrency.

[pinggoki]

I wouldn't worry too much about East Asian regions banning bitcoin or crypto in general because there's not that much change that they can create in the market even if they do, India has been having an ban and unban status with bitcoin and crypto for awhile now and so far, there's not much that has change when they do this so I don't worry that Pakistan joins the fray.

[Hypnosis00]

I wouldn't worry too much about East Asian regions banning bitcoin or crypto in general because there's not that much change that they can create in the market even if they do, India has been having an ban and unban status with bitcoin and crypto for awhile now and so far, there's not much that has change when they do this so I don't worry that Pakistan joins the fray.

Perhaps, we don't need to worry about it, they are just small market players, if they will leave and ban crypto this never have a huge impact on ​the market, we never felt it in general.

Anyways, we can't expect that all countries will adopt crypto, some will remain doubtful about Bitcoin. But I'm going to say that sooner they will realize that crypto has played an important role in this new era which could change their approach to crypto and embrace the system. It can be just now as they don't understand about this, they'll ask for some time to think about it.

[masterrex]

This is not good, I think the Pakistani government will follow in the footsteps of its close ally China, It has been a big blow to the Pakistani crypto community and I think there will be some consequences of that decision and it might cause some civil disobedience coming from the affected cryptocurrency users and investors in Pakistan that's why Im hoping that the court decision will favorable to the Pakistani crypto community.

[Dhaniii]

the banning of bitcoins in several countries and now that the central bank of pakistan wants to try to ban cryptocurrencies, I'm only limited to issues that try to influence the current bitcoin market price. although it is true that the bitcoin ban in Pakistan has not had much of an effect on bitcoin's recent growth. because bitcoin is worldwide and many other countries are trying to make bitcoin a legal medium of exchange.

[peterpanda]

the banning of bitcoins in several countries and now that the central bank of pakistan wants to try to ban cryptocurrencies, I'm only limited to issues that try to influence the current bitcoin market price. although it is true that the bitcoin ban in Pakistan has not had much of an effect on bitcoin's recent growth. because bitcoin is worldwide and many other countries are trying to make bitcoin a legal medium of exchange.

Yeah Bitcoin is spreading all over the world. Banning Bitcoin on Pakistan will not be a big problem on the price of Bitcoin. Many countries are accepting Bitcoin in daily life. After all it's a bad news for Bitcoin lovers from Pakistan.

[virasog]

We have repeatedly seen that the prohibition of cryptocurrencies in a single country or even several countries cannot affect the spread of cryptocurrencies in the world. Pakistan has previously been hostile to cryptocurrencies. Therefore, the prohibition of cryptocurrency in this state will change practically nothing for the cryptocurrency market.
It will be bad for cryptocurrency if such a decision is made, say, at the G20 summit. If the ban exists in all these states, then the situation for the cryptocurrency will even be difficult to predict.

Perhaps, Pakistan is just like nothing...we are supposed not to worry in the first place, and besides, they are not helping anyway. Banning crypto in their place is not a loss on our side. Cryptocurrencies will continue to grow without them and in fact, even China never has a huge impact on the market.

I know they have the reason for banning crypto in their place and it was respected. This will simply tell us that the spread of crypto is full of challenges, we can't force all the countries to adopt the system, and they also have the right to reject this.

We need to first know how much crypto is being used currently in Pakistan and how many people are aware of it in the first place. If only 1 - 2% of the total population knows about the crypto, then it will not make any impact within or outside the country.
However, it will stop the adoption of bitcoin in the country and it will not be healthy for the citizens.

[Coyster]

Yeah Bitcoin is spreading all over the world. Banning Bitcoin on Pakistan will not be a big problem on the price of Bitcoin. Many countries are accepting Bitcoin in daily life. After all it's a bad news for Bitcoin lovers from Pakistan.

Of course Bitcoin is gaining more and more popularity as the influx of individuals and institutional investors into the network continues, but I don't believe that countries/governments are accepting Bitcoin (and for now it is yet to really matter), quite a lot of them are imposing as well as proposing one sanction/ban/regulation or the other, they somewhat do not like its decentralized nature, and the ability of Bitcoin users to be their own bank and control their funds, that's why many countries are proposing to ban Bitcoin usage in their country, by the way, for now we're yet to experience any sanction that has really affected the Bitcoin network massively, we'll see how things pan out going forward.