Government of Pakistan Decided to Halt Online Cryptocurrency Services
According to the guidelines of the international organization that monitors counter-terrorist funding, the Pakistani government declared on Wednesday that it has decided to outlaw cryptocurrency services provided online in the country in order to stop unauthorized digital currency transactions.
According to Dr. Aisha Ghaus Pasha, State Minister of State for Finance and Revenue, the State Bank of Pakistan (SBP) and the Ministry of Information Technology are attempting to outlaw cryptocurrencies in accordance with directives from the federal government. This was stated before the Senate Standing Committee on Finance got underway. The Financial Action Task Force (FATF) penalties, he said, will prevent cryptocurrencies from ever becoming “legalized in Pakistan.”
Related Article: Pakistan’s Economic Challenges and the Risk of Default in 2023: What Needs to be Done?
Financial Action Task Force (FATF) Action Plan
“FATF had set a condition that cryptocurrency will not be legalized,” she maintained.
The leader of SBP, Sohail Jawad, concurred with Pasha’s assessment of the “high risk” associated with cryptocurrency transactions. It will never be accepted in Pakistan. He clarified that “Cyrocurrency is virtual currency and more than 16,000 types have been created so far,” saying that the market’s value has decreased from $2.8 trillion to barely $1.2 trillion.
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