Pakistan Intends to Legalize Cryptocurrencies, To combat the economic slump
Pakistan is planning to legalise cryptocurrency trading to attract foreign investment and modernise its economy. Bilal bin Saqib, chief advisor to the country’s finance minister and CEO of the newly formed Pakistan Crypto Council (PCC), revealed this in an interview with Bloomberg TV.
The government aims to create a regulatory framework that integrates blockchain technology into the financial system.
For years, Pakistan’s central bank opposed cryptocurrencies owing to concerns over money laundering, fraud and financial risks. The country ranks ninth in global crypto adoption and the growing demand for digital assets has made it difficult to ignore, said Saqib.
He claims that a number of factors have led the nation to adopt laws that are beneficial to cryptocurrency. Approximately 15–20 million Pakistanis are already trading digital assets, Saqib told the outlet. He went on to say that nations like the US and the UAE are adopting laws that are favorable to cryptocurrencies, which emphasizes how crucial it is for Pakistan to establish a framework for the legalization of cryptocurrencies.
A regulated bitcoin market may attract international investment and foster innovation, Saqib added. Legalizing cryptocurrency will additionally reduce the government’s dependency on outside borrowing and enable it to tax transactions.
To aid in managing debt repayment, the International Monetary Fund (IMF) has even encouraged Pakistan’s tax authorities to include cryptocurrencies in the tax code.
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