Pakistan does not plan to legalize crypto trading

Pakistan’s Finance Minister Aisha Gauss has said the Asian country cannot legalize cryptocurrency trading, citing the country’s recent removal from the Financial Action Task Force (FATF) “grey list”. rice field.

Speaking to the Senate Standing Committee on Finance, the minister said another reason the country could not legalize cryptocurrencies was that they could be used to finance terrorism.

After being added to the greylist in 2018, Pakistan was removed from the greylist in October 2022. The minister pointed out that the FATF imposed strict conditions on the use of cryptocurrencies before they were removed from the list.

FATF’s controversial “travel rulescalled on countries to collect and share information on cryptocurrency transactions to curb money laundering and other misuse.

Pakistan Apex Bank Anti-Crypto Stand

Meanwhile, the minister’s statement echoed previous declarations by the State Bank of Pakistan (SBP) that cryptocurrencies are not legal tender and do not receive government backing.

According to local media reportAn SBP official said that virtual currency is a complete fraud that will never be recognized domestically. They pointed to the anti-cryptocurrency movements of major economies such as the United States, China, and Canada as why the country should do the same.

The Senate Standing Committee has directed the SBP and the Ministry of IT and Telecommunications to work on a ban on cryptocurrency trading. This means the authorities will ban all cryptocurrency-related websites and services.

The move continues the global regulatory crackdown on the cryptocurrency industry following a significant drop in the industry’s market capitalization and misconduct by some key participants.

Linkage analysis Ranked Pakistan is among the top 10 countries to adopt cryptocurrencies in 2022.

The article that Pakistan has no plans to legalize cryptocurrency trading first appeared on CryptoSlate.

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