According to multiple local media reports, Pakistani Minister of State for Finance and Taxation Aisha Ghaus Pasha said at a meeting of the Senate Standing Committee on Finance and Taxation on May 16 that Pakistan will ban the operation of cryptocurrency services in the country and will never enable cryptocurrency transactions. legalization. Other officials, including State Bank of Pakistan (SBP) Governor Sohail Jawad, expressed support for the decision.
Pasha said the ban on cryptocurrencies was one of the requirements set by the Financial Action Task Force (FATF), which removed Pakistan from the gray list in October. The gray list contains countries that the agency considers to be deficient in anti-money laundering and Counter-terrorist financing measures but is working with it to remedy their shortcomings.
According to reports, the SBP and the Ministry of Information Technology are drafting ban legislation. The Pakistani cryptocurrency Twitter community has sparked a backlash against the impending cryptocurrency ban. Daniyal Azam wrote: "I pray that the government focuses on the right areas that lead to SCAMS and Apps that Trap People Instead of Banning Crypto. Findings Could Influence The Policies of Governomet economy in deep crisis and currently in tense bailout talks with the IMF, a clean report from the FATF could be a political priority.
The country has seen a relatively high rate of cryptocurrency adoption, with Pakistani citizens reportedly holding $20 billion worth of cryptocurrencies in 2021. However, government opposition to cryptocurrencies is nothing new. The SBP has reportedly been seeking a crypt ocurrency ban since at least January. However , Pakistan does plan to launch a central bank digital currency by 2025 and recently adopted the national blockchain Know Your Customer platform.
