The Islamic Republic of Pakistan seems to have started building interest in cryptocurrencies as one of the provincial government has made a move toward adopting digital currencies. Reportedly, a draft resolution for legalizing cryptocurrencies and digital currency mining has been passed in the Provincial Assembly of Khyber Pakhtunkhwa, one of the four provinces of Pakistan formerly known as the North-West Frontier Province.
Zia Ullah Bangash, the ‘Advisor to Chief Minister Khyber Pakhtunkhwa on Science & Technology and Information Technology’ posted a tweet on the 2nd of December to provide a report over this draft resolution. Zia also shared a picture of the passed resolution in his tweet. Written in the Urdu Language, the resolution states that the demand for cryptocurrency or digital currency in the present time has increased significantly. Looking at this rising demand for the invention of digital currency, it seems that digital currencies will take place of fiat currencies in the coming time, the resolution stated.
KP Assembly passes resolution regarding Cryptocurrency and Cryptomining demanding federal govt to take steps to legalise #cryptocurrency and #cryptomining in Pakistan. #DigitalPakistan pic.twitter.com/8a9CAL6zyr
— Zia Ullah Khan Bangash (@ZiaKBangashPK1) December 2, 2020
Put forward by the member of the KPK Provincial Assembly (MPA) Dr. Sumera Shams, the draft resolution further stated that many major banking institutions of the world have accepted this currency recently and they have also been registered over there. In addition to this, the resolution said that several countries have started preparing for introducing their own digital currencies as their central banks have begun making efforts to issue central bank digital currencies.
Also read:Furthermore, it has also been said in the draft resolution that Pakistan should also need to adopt some necessary measures for cryptocurrency. Commenting on this resolution, Dr. Sumera Shams said that this move will let the country to place itself in a better position for competing in this growing digitalized world.
“One Province is done, three more to go”
One province has finally moved toward adopting cryptocurrencies and now there are three left to follow this path, said a famous Television host Waqar Zaka who is also considered as one of the major cryptocurrency supporters in the country of Pakistan. He said that he will go to other provinces of Pakistan such as Punjab and Balochistan while urging them to pass draft bills related to cryptocurrencies. As he said:
“One province done, three more to go, KPK visit brought fruitful results. Now I will be going to Punjab, Balochistan to get these bills passed for crypto, Technology Movement Pakistan producing results even before getting into elections.”
A positive attitude toward cryptocurrency
This is the latest positive news regarding cryptocurrency that has come from the country of Pakistan. Recently, the Securities and Exchange Commission of Pakistan (SECP) discussed cryptocurrency regulations in a consultation paper issued on the 6th of November. In the paper, the agency has discussed different approaches for regulating digital assets. This refers to the positive attitude of Pakistan toward cryptocurrencies.
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