Central Bank Of Pakistan Drafts Legislation For A Permanent Ban On Crypto Services

Key Points:

• Pakistan’s Minister of State for Finance and Taxation announces a cryptocurrency ban.
• The Central Bank of Pakistan and others are drafting the ban legislation.
• The ban will prevent Pakistani citizens from conducting any cryptocurrency transactions.

According to Pakistani media independentturdu, its Minister of State for Finance and Taxation, Aisha Ghous Pasha, said that the country will ban the operation of cryptocurrency services and will never legalize cryptocurrency transactions. Ban legislation is being drafted by the Central Bank of Pakistan and others.

Pakistan’s Minister of State for Finance, Ayesha Ghous Pasha, recently announced that the country will ban the operation of cryptocurrency services and will never legalize cryptocurrency transactions. This decision comes as no surprise, as the State Bank and the Ministry of Information Technology have been working on banning cryptocurrencies in the country.

Crypto is a high-risk asset that no one benefits from. Major countries are now scrapping crypto. We recommend that cryptocurrencies be banned. Cryptocurrency will never be legalized in Pakistan.

Minister of State for Finance Ayesha Ghous Pasha

The Central Bank of Pakistan and others are drafting the ban legislation. The ban will prevent Pakistani citizens from conducting any cryptocurrency transactions. Digital State Bank Executive Director Sohail Jabbar told the committee that the cryptocurrency market has shrunk from $2.8 trillion to $1.2 trillion. China has also banned cryptocurrencies.

Cryptocurrencies have always been controversial, with many experts arguing that they are a high-risk asset that no one benefits from. Major countries are now scrapping crypto. Chairman Committee Salim Mandviwala said that Pakistan’s billions of dollars had been invested in cryptocurrency. Dr. Ayesha Ghous Pasha replied that FATF has also imposed conditions.

This is a significant blow to the crypto market. However, it is not the first time a country has banned cryptocurrencies. The ban will affect investors and businesses that rely on cryptocurrency transactions. The Central Bank of Pakistan and others are drafting the ban legislation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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