Pakistan Crypto Boom Sees Regulation

Digital coins have attracted players from various sectors due to their unique features. At the moment, multiple individuals from Pakistan can’t wait to learn about mining and trading virtual coins. 

From people seeking alternative ways to supplement their incomes to affluent investors looking to purchase mining hardware, most individuals have vague ideas about crypto but are interested. 

Ghulam Ahmed quitted his work in 2014, trusting that mining BTC is highly profitable. The businessman has a WhatsApp group teaching multiple participants eager to venture into the cryptocurrency business. 

Pakistan has witnessed a crypto trading and mining boom recently. You can tell this from the transactions on exchanges and the many crypto-related contents on social media. 

Although Pakistan does not consider cryptocurrency illegal, FATF (Financial Action Task Force), the worldwide money laundering regulator, has summoned the government to ensure the best regulations in the crypto space. Keep in mind that Pakistan is among the grey-listed countries by FATF. That means it is among nations the watchdog monitor for failure to combat money laundering and terror financing. 

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As a result, the fed government formulated a committee to oversee crypto regulation. The team included FATF observers, Pakistan’s intelligence agencies head, and federal ministers. According to Ali Farid, about half of them had no idea about crypto dealings and didn’t bother to understand. 

However, Farid said that interested government bodies support the move. Moreover, no one seems to hinder technical innovation in the nation. 

Meanwhile, in April, the central bank leader Reza Baqir declared the nation’s plan to launch a digital coin, CBDC. Reza told CNN that they hope to make a declaration in some months to come. However, Baqir failed to respond to the topic when interviewed by Reuters. 

Even the Pakistan learning sector has shown crypto interest. 

In February, the Lahore University, a leading learning institution in the country, received $4.1 million worth of grants to study Stacks technology, a blockchain system connecting BTC to ‘smart’ contracts and apps. 

Sometimes institutions are skeptical with worries and suspicion on crypto-related activities due to money laundering issues. 

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Pakistan seems to enjoy the crypto boom regardless of the challenges the market experiences. 

Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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