Is Pakistan getting ready to prohibit cryptocurrencies?

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The Finance Minister and officials from the central bank of the country expressed unfavorable views on cryptocurrencies during their statements to the press.

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During a statement to the press, Pakistani Finance Minister Aisha Ghaus Pasha made a series of remarks regarding cryptocurrencies. The minister firmly stated that digital assets would never be deemed legal within the country. As a result, there have been speculations and discussions suggesting a potential ban on cryptocurrencies in Pakistan.

Pasha stressed the importance of taking necessary precautions as Pakistan was removed from the FATF gray list in October. The Financial Action Task Force (FATF) collaborates with countries to combat money laundering and terrorist financing on a global scale.

While the FATF lacks the authority to enforce sanctions on non-compliant countries, its standards have a substantial impact on the perception of foreign investors. The current severe economic crisis in Pakistan has resulted in a significant outflow of investors.

Local media reports indicate that both the State Bank and the Information Technology Presidency in Pakistan are actively collaborating to implement a complete ban on cryptocurrencies.

Crypto investors are reacting strongly to the developments.

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Following the finance minister’s statement, Pakistani crypto investors expressed their strong reactions on social media platforms. Many individuals who are enthusiastic about cryptocurrencies believe that instead of implementing a complete ban, the government should focus on targeting scammers and individuals involved in money laundering activities.

The data shows that residents of Pakistan hold approximately $20 billion worth of cryptocurrencies. The specific details and methods of implementing a potential cryptocurrency ban are still under discussion and subject to ongoing debate.

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.


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