The Pakistani government has appointed three committees to determine whether cryptocurrency should be legalized or banned. The committees will look at every element of the bitcoin industry and provide suggestions for the country’s cryptocurrency policy.
According to papers reviewed by The Express Tribune, Pakistan’s federal government has formed three sub-committees to decide the future of cryptocurrencies and associated enterprises in the nation.
The sub-committees were constituted during a meeting headed by Finance Secretary Hamed Yaqoob Sheikh to decide whether cryptocurrency companies should be legalized or banned. They’ll look at every area of the cryptocurrency industry and provide recommendations for the country’s crypto policy. Their recommendations will be forwarded to a committee chaired by the finance secretary.
Under the chairmanship of Pakistan’s law secretary, the first sub-committee was created. The State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority are all members of this sub-committee (PTA).
This committee will consider whether cryptocurrencies may be prohibited under present legislation. It will also provide a mechanism for banning cryptocurrency while preserving a balance between welfare and technical progress.
Under the chairmanship of SBP Deputy Governor Saima Kamal, the other two sub-committees were formed. Representatives from the Ministry of Information Technology, the Securities and Exchange Commission of Pakistan, and the Pakistan Telecommunications Authority are among the members of these sub-committees.
Their proposals will be based on a blanket ban on cryptocurrencies and their long-term consequences. They’ll also talk about whether Pakistan would fall behind other countries in terms of technical growth if bitcoin is outlawed.
The State Bank of Pakistan has been anti-crypto for a long time. “There are a lot of misuses [of cryptocurrencies] across the world,” SBP Governor Reza Baqir remarked in March, “including human rights abuses, human trafficking, money laundering, and many other things.” In February, he stated that the hazards linked with cryptocurrency “much exceed” the advantages.
The Federal Investigation Agency (FIA) allegedly requested that the Pakistan Telecommunication Authority block over 1,600 cryptocurrency websites in January.