One of Pakistan’s four provinces urges federal govt to legalize crypto

Regulation

The assembly of Khyber Pakhtunkhwa, a province in northwestern Pakistan, has become the first legislative assembly to call for changes in the country’s stance towards cryptocurrencies.

As previously reported, Pakistan has to date been relatively slow to introduce new frameworks for digital assets and cryptocurrencies. This week’s resolution to the Khyber Pakhtunkhwa Assembly was reportedly introduced on Dec. 2 by Dr. Sumera Shams, a member of the provincial assembly and the centrist political party, Pakistan Tehreek-e-Insaf, or PTI.

Fellow PTI member Zia Ullah Bangash, who is also Advisor to the Chief Minister of Khyber Pakhtunkhwa on Science and Technology and Information Technology, summed up the resolution as a demand that the federal government “take action to legalize cryptocurrency and cryptomining in Pakistan.” The bill was reportedly passed unanimously.

Waqar Zaka, chairman of the Technology Movement Pakistan, social media activist and self-described cryptocurrency influencer, was optimistic about the news, tweeting “one province done, three more to go.”

According to local media, the draft resolution stated that current trends indicate that digital currencies are likely to replace paper currencies in the future.

In November, Cointelegraph reported that the Securities and Exchange Commission of Pakistan, or SECP, had published a consultation paper on regulating digital assets. The paper examined the regulatory frameworks that have already been developed in jurisdictions across the globe, and characterized digital assets as “the start of a new era of finance.” 

While the SECP focused on assets such as security and utility tokens, and privately issued currencies in general, Pakistan’s central bank has also previously announced its intention to issue a central bank digital currency by 2025.

Products You May Like

Articles You May Like

Top 5 cryptocurrencies to watch this week: BTC, AAVE, ATOM, NEO, VET
Monster bull flag for Yearn.finance puts $200,000 YFI price in play
Exchange tokens benefit as centralized exchanges battle with DeFi platforms
India securities regulator to reportedly bar IPO promoters from holding crypto
DeFi user pays $36K for one Uniswap transaction, as EIP-1559 draws closer

Leave a Reply

Your email address will not be published. Required fields are marked *