Pakistan Set to Enforce Permanent Ban on Cryptocurrencies, Confirms Finance Minister
Coin Edition has reported that Pakistan is moving towards implementing a comprehensive ban on cryptocurrencies. During a meeting of the Senate Standing Committee on Finance, Minister of State for Finance Aisha Ghaus Pasha revealed the government's intention to introduce legislation that would outlaw the use of digital currencies in the country.
In contrast to Europe and the UAE, where cryptocurrencies are gaining acceptance, Pakistan has taken a different approach by opting to ban them. The committee discussed the execution of legislation aimed at restricting cryptocurrency usage within the country. Aisha Ghaus Pasha emphasized the government's plan to outlaw cryptocurrencies through upcoming legislation.
Pasha disclosed during the meeting that the State Bank and the Ministry of Information Technology have already initiated efforts to enforce the ban on cryptocurrencies in Pakistan. She firmly stated that cryptocurrency will never be legalized in the country.
According to Sohail Jabbar, the Executive Director of Digital State Bank, cryptocurrencies are being labeled as bogus and will not receive legalization in Pakistan. Jabbar also disclosed that the Federal Investigation Agency (FIA) and Financial Monitoring Unit (FMU) are actively conducting investigations into Pakistani cryptocurrency investments.
Senator Farooq H. Naik, representing the Pakistan People's Party (PPP), has voiced his endorsement of the ban on cryptocurrencies and underscored the importance of establishing proper legislation to regulate cryptocurrency transactions. Naik specifically drew attention to the potential role of cryptocurrencies in facilitating financial terrorism.
Should the proposed legislation to ban cryptocurrencies receive approval, Pakistan will align itself with other nations like China, Algeria, Bangladesh, Egypt, and Nepal that have already enforced similar bans. The decision to impose these restrictions stems from concerns related to money laundering, criminal activities, price volatility, investor risks, and the decentralized nature of digital currencies.
Please note that this news report is based on information provided by Coin Edition and should be considered for informational purposes only. It is advisable to conduct further research and stay updated on the evolving cryptocurrency regulations in Pakistan.
