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Three subcommittees will decide the future of crypto in Pakistan

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Three subcommittees will decide the future of crypto in Pakistan 14

Pakistan’ Federal government established three subcommittees to prepare report on the crypto industry.

Pakistan is a gray region for the crypto industry, where crypto is neither legal nor illegal. Citizens are showing a huge inclination toward crypto, so government agencies are now actively trying to figure out the possible ways to ban or regulate it.

This week, the Federal government of Pakistan established a total of three subcommittees in collaboration with key government agencies to decide the future of crypto in Pakistan.

The first subcommittee was established at the meeting of the federal finance secretary. This committee will figure out whether crypto businesses should be allowed to operate in Pakistan or not, which means to legalize crypto or not. If the committee comes to ban the plan then it will propose a framework to ban crypto, with the provisions in favor of blockchain technology evolution.

The other two subcommittees were established under the leadership of Saima Kamal, Deputy Governor at the State Bank of Pakistan. Some key members of the Ministry of Information Technology, Securities and Exchange Commission of Pakistan, and PTA will be part of these subcommittees. 

One of the subcommittees will figure out whether there is any need to ban on the use of Cryptocurrencies in payment systems at this stage or not. 

The Third Subcommittee will propose ways to impose an immediate ban on Cryptocurrencies and also figure out whether it will further figure out the effect of the ban on the progress of the country.

These three subcommittees will prepare their reports and further panel discussion will figure out the suggestions proposed by these subcommittees on Cryptocurrencies. 

Earlier, In January of this year, the Central Bank of Pakistan proposed to impose a ban on Cryptocurrencies. However, that was only a suggestion but the majority of the key players of the Pakistani crypto industry criticized the Central Bank and said that it will degrade the tech innovations in the country.

Read also: BitMEX co-founders will pay $30M to CFTC

Three subcommittees will decide the future of crypto in Pakistan

 

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