Pakistan has decided to do the complete opposite and ban cryptocurrencies, whereas Europe and the UAE have decided to embrace them. On Wednesday, the Senate Standing Committee on Finance in Pakistan discussed the implementation of legislation intended to limit the use of cryptocurrencies in the nation. The committee was briefed by the minister of state for finance, Aisha Ghaus Pasha, that the government plans to abolish cryptocurrency through new laws.
Pakistan begins efforts to ban crypto
Pasha announced at the meeting that efforts to outlaw cryptocurrency in the nation have already started at the State Bank and the Ministry of Information Technology. She further emphasized that Pakistan will never legalize cryptocurrencies.
According to Digital State Bank Executive Director Sohail Jabbar, the value of the cryptocurrency market has decreased dramatically from $2.8 trillion to $1.2 trillion. He claimed that cryptocurrencies are phony and that Pakistan will not legalize them. He added that the Financial Monitoring Unit (FMU) and the Federal Investigation Agency (FIA) are vigorously looking into cryptocurrency investments in Pakistan.
Farooq H. Naik, a senator for the Pakistan People’s Party (PPP), emphasized the necessity for proper crypto law and said that people who trade with cryptocurrencies in Pakistan should face penalties. Cryptocurrency can contribute to financial terrorism, according to Naik.
If the Pakistani government adopts legislation outlawing cryptocurrency, it will join other nations like China, Algeria, Bangladesh, Egypt, and Nepal in doing the same. Cryptocurrencies may be used for money laundering or other illegal activities, which worries several nations. Others worry about the erratic nature of digital currency prices and the potential for investor losses. Others are just uncomfortable with the idea of decentralized money that is immune to government control.