Pakistan is an independent state situated in the South Asian region. The country is considered extremely important due to its strategic geographic location and is often subjected to the crucial political changes taking place in the region. These days there is a new struggle that the government of Pakistan is waking up to. Like the rest of the world, the popularity of cryptocurrencies has reached the middle class of this country as well.
Therefore, the people have decided to take a refugee into digital asset trading as a defence against the rapid money devaluation and increasing inflation rate. However, the government of Pakistan has decided to put an end to this opportunity for the investors to make use of their savings. The first notice against crypto trading was taken in the city of Lahore. Now, the Sindh High Court (SHC) has put together a committee to determine if cryptocurrencies should be banned or allowed to thrive.
Karachi is the biggest metropolitan city of Pakistan that is responsible for generating most of the GDP and income. Any foreign investors who want to attract attention from all parts of Pakistan chose this city as their headquarters to ensure their success. There are several local cryptocurrency projects that the city of lights has started to host in the current year.
The committee formed by SHC is overlooked State Bank Pakistan’s deputy governor. There are also executives from the Finance ministry, Pakistan Telecommunication Authority, Information Technology, and Security and Exchange Commission of Pakistan. Justice Muhammad Karim Agha Khan has pointed out that SBP has already decreed that any type of digital currency cannot serve as the equivalent of the legal tender in the region.
Uncertainty Regarding Crypto
The Pakistanis who are interested in the topic of cryptocurrencies are not sure about the negative impact they can have on the economy. Thus far, there are no government officials or spokesperson who has briefed the masses on this topic. On the other hand, the only solution state officials are leaning towards is that crypto trading, mining, exchange, and even possession should be banned.
These days, it has become really easy to bypass the regional restrictions on the internet. Therefore, it is certain that even if the government ends up passing the law to ban crypto trading, most people will be able to keep trading regardless of these restrictions. There are some people like Waqar Zaka who are trying to petition against this decision. However, just like the government, these social media influencers also offer very limited or non-existent information to their followers.