THELOGICALINDIAN - The Pakistani government has formed three committees to adjudge whether to authorize a acknowledged framework for cryptocurrency or ban it The committees will analysis all aspects of the cryptocurrency business and appear up with recommendations on the countrys crypto policy
Committees Constituted to Decide on the Legal Status of Cryptocurrency in Pakistan
Pakistan’s federal government has constituted three sub-committees to adjudge the approaching of cryptocurrency and accompanying businesses in the country, the Express Tribune appear Tuesday citation abstracts it has seen.
The sub-committees were formed during a affair chaired by Accounts Secretary Hamed Yaqoob Sheikh to adjudge whether to approve or ban cryptocurrency business. They will analysis all aspects of the cryptocurrency business and appear up with recommendations on the country’s crypto policy. Their proposals will be beatific to a board headed by the accounts secretary.
The aboriginal sub-committee was formed beneath the chairmanship of the Pakistani law secretary. Members of this sub-committee accommodate the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA).
This board will appraise whether cryptocurrency can be banned beneath the accepted laws. It will additionally acclaim a adjustment that can be acclimated to ban crypto while advance a antithesis amid abundance and abstruse advancement.
The added two sub-committees were set up beneath the chairmanship of SBP Deputy Governor Saima Kamal. Members of these sub-committees accommodate assembly of the Ministry of Information Technology, the Securities and Exchange Commission of Pakistan, and the PTA.
Their recommendations will be based on arty an actual ban on cryptocurrency and its repercussions in the future. They will additionally altercate whether Pakistan would lag abaft added countries in the abstruse advance chase if cryptocurrency is banned in the country.
The State Bank of Pakistan has continued taken an anti-crypto stance. SBP Governor Reza Baqir said in March that “around the world, there is a lot of misuses [of cryptocurrency], including animal rights violations, trafficking of people, money laundering, and abounding added things.” He noted in February that the abeyant risks that are associated with cryptocurrencies “far outweigh the benefits.”
In January, the Federal Investigation Agency (FIA) reportedly asked the Pakistan Telecommunication Authority to ban added than 1,600 crypto websites.
What do you anticipate about how the Pakistani government goes about establishing the country’s crypto policy? Let us apperceive in the comments area below.
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