Pakistan Prepares to Legalize Cryptocurrency Trading

Synopsis

Islamabad's Chief Advisor Bilal Bin Saqib announces that Pakistan is moving to legalize cryptocurrency trading to attract global investment. With a youthful population and tech-savvy workforce, the country aims to capitalize on the burgeoning digital asset market.

Key Takeaways

Pakistan is ready to legalize cryptocurrency trading.
Over 15 million Pakistanis are currently engaged in crypto trading.
Global political shifts are influencing the regulatory landscape.
Legalization could lead to increased Foreign Direct Investment.
Youth and tech-savvy workforce present a unique opportunity.

Islamabad, March 21 (NationPress) Bilal Bin Saqib, recently appointed as the Chief Advisor to the Finance Minister, aims to enhance and develop digital asset management in Pakistan. He emphasized that the country will no longer remain passive and allows the chance to attract global investment through cryptocurrency trading to slip away.

"Pakistan is ready to move forward. We aim to draw in international investments as our market is affordable and has significant growth potential, with 60% of our population being under 30 years old. Our workforce is well-versed in Web3 technologies and prepared to innovate," stated Saqib while discussing Pakistan's serious contemplation of legalizing cryptocurrency trading to lure global investments.

"According to blockchain analysis company Chainalysis, Pakistan ranks ninth in the world for crypto adoption. Currently, around 15 to 20 million Pakistanis are participating in crypto trading despite the lack of a formal regulatory structure," Saqib, also the CEO of the Pakistan Crypto Currency Council (PCCC), noted.

Saqib mentioned that recent global political shifts have significantly contributed to the push for legalizing crypto trading within the country.

"With Donald Trump prioritizing cryptocurrency at a national level, every nation, including Pakistan, will have to adapt," he remarked.

Cryptocurrency trading has faced a prohibition in Pakistan, as authorities have warned about the risks associated with virtual currencies.

In 2018, the State Bank of Pakistan (SBP) issued a notification cautioning users about the risks involved in using virtual currencies/coins/tokens for transferring value internationally.

"These virtual currencies offer a high level of anonymity and can potentially facilitate illegal activities. Due to their vague nature, no legal recourse is available for individuals facing losses from highly unstable investments based on speculation," stated the SBP's notification.

"Individuals utilizing virtual currencies/coins/tokens for transferring value outside Pakistan may be prosecuted under applicable laws," the notification further explained.

Nonetheless, the increasing global interest in digital asset management seems to have led Pakistan to reassess its previous stance.

Experts suggest that considering the country's youthful and tech-savvy demographic, Pakistan may experience a pivotal moment in its economic evolution with the regulation of cryptocurrency trading.

"Regulating cryptocurrency could open up Foreign Direct Investment (FDI) opportunities and generate new revenue streams for the economy," expressed economist Shahbaz Rana.