It has been reported recently that India and Pakistan are trying to integrate crypto within their mainstream financial systems.
Both are known traditional rivals who have time and again failed to develop friendly relationships. The LOC between the two always remain in action. There is a lack of consensus between the two in every matter. But it seems that both have developed consensus by recognizing the need of adopting crypto as backup support to economies.
Pakistan’s involvement in digital assets is rather new as compared to India.
In India, the digital currency business started paving its way very early after Bitcoin was invented. By the year 2018, there were many international crypto exchanges which had established their offices in India.
But digital assets’ growth in India was taken aback when Indian Government had imposed a ban on trading of cryptocurrencies. It was in the year 2019 when the ban was promulgated and resultantly, the internal crypto-exchanges were forced to re-settle their offices somewhere outside India. Many of them were closed and investors were left without any recourse. But the Indian investors took up the matter to the Indian High Court which then went up to the Indian Supreme Court.
It was only in April 2020 this year that the Indian Supreme Court had suspended the Government’s ban on the business of cryptocurrency. Since then the crypto business is once again flourishing in India. A recent report from India suggested a talk that India too will be developing its own CBDC.
Meanwhile, in the neighbours, Pakistan too has drafted a law to bring crypto in the framework of its regulator. Pakistan’s securities regulator is Securities & Exchange Commission of Pakistan (SECP) and was tasked to prepare the law.
It has been told that a law had been prepared but is in the process of approval. Once Pakistan’s Parliament approves the law and issues it in Official Gazette, it will then come into force at once. However, currently the new law is anticipating approval.
A press release issued by SECP also confirmed that Pakistan too will be officially allowing Pakistanis to take part in crypto business. Like India, Pakistan too is looking at the possibility of developing its CBDC in the near future.
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