Just recently we got some promising news. Turns out there's no ban on crypto in Pakistan, but it hasn’t been made legal yet. The officials just gave a warning to newcomers to keep them safe from scams.
This has been mentioned in a previous post.
Now, the latest buzz is that the Securities and Exchange Commission of Pakistan is starting to work on this issue. So hopefully, we might hear some positive updates soon.
If Pakistan actually grants legal status to crypto, it would be huge for the people there and the global crypto scene too. Pakistan is one of the most populated countries, ranking fifth worldwide. Plus, with 64% of the population being young, we can really hope for some solid involvement from them.
UPDATES
This is a bit old news from three weeks ago.
If Pakistan legalizes bitcoin I think it will be better for their citizens. Hopefully, they will influence their neighbors especially India with a swaying favors when it comes to bitcoin. Although politically they are not inclined this will help in making them have similarities where they both agree on.
The good news as it is that they won't be banning bitcoin anymore if there are already some rules being made for it. But the next problem is regulations. As what mostly says that you can't please everybody. There will be some people who will be against regulation because bitcoin is decentralized and it shouldn't be regulated. Yet there is no choice for it, for bitcoin to keep going and avoid a ban in Pakistan then it has to be regulated.
OP, that's good news that I've seen and I read, India and Pakistan are two countries of one ancestor, very close.
So far we see India in the negative public spotlight on cryptocurrency, hopefully, With the rules and laws that are enforced in Pakistan to legalize crypto it can be a positive thing, especially India, because they are neighbors.
Think positively Pakistan has accepted crypto illegally, and India still considers crypto negative, I am sure this news can have a positive impact on India's status and law on crypto.
I am really feeling happy for this all because I sure if authorties able to do this all in next few months this could be great game changer for them and this will bring some good and positive news for cryptocurrecny as well because after Pakistan India surely feel in this way and then this community able to have really big number of new developers and investors which is going to bring good change but first of all we need some fast work from these peoples mostly this type projects take long time due to corrupt peoples in Establishment.
We don't care if it's legal or not.
It doesn't make any difference to people. Take as an example the situation years ago, before they started to bother us with laws, we didn't have a legal status for Bitcoin, did that stop us from using it, buying it, or selling it? Not at all.
On the opposite, all these legislations around cryptos restrict our freedoms from using it, and take money from our taxes on the top of that. So yes, why should we give a fuck to their legislations while we were doing fine without them all the previous years.
Legal status, regulations, taxes, whatever. doesn't make thing different in the way that we don't need them to be able to use BTC, and didn't wait to develop an ecosystem around it (and they didn't help either)
The person who contradicts me by saying that in order to be able to trade the BTC using the exchange platforms etc, you have to give it a status.
Who told you to use centralized exchanges? There are plenty of alternatives, just don't be too lazy. It doesn't make sense to use centralized platforms to use a decentralized currency.
You deserve more merit from me for this reply but sadly I have only 1 for your this reply because I am also feeling like you we not need any thing from them if any one have any doubt he can check few P2P sites thousand of member already buying/selling even this is illegal they have no intention about this all and if governments thinking to do this all its just for their own benefit as they are looking for centrazlied exchanges taxes and take money from all of us.
If Pakistan is legalizing and regulating cryptocurrency, then it is big news for Bitcoin users in that region. Because South Asia is perhaps the toughest region for crypto users right now. Recently someone who tried to install a Bitcoin ATM in India was arrested and his laptops and mobile phones, along with the equipment was confiscated. And last year, dozens of individuals were arrested in Nepal and Bangladesh, just for trading cryptocurrency.
I hope so too, as I said above Pakistan can be the best country to accept crypto to come.
OP, I saw some interesting and very positive news for the crypto community in Pakistan six hours ago.
It looks like the crypto community in Pakistan can breathe a sigh of relief.
This is the best news of all time i saw about crypto in pakistan.
Pakistan's SEC Discusses Cryptocurrency Regulation, Central Bank Confirms No Crypto Ban
Honestly, we have also faced a lot of difficulties. But I wonder why such an attitude despite being crypto-legal in India? Isn't the government happy with the legal status of cryptocurrency?
@YOSHIE Thank you for letting me know. And of course, this is breathe a sigh of relief. however, I have updated my local community about it, I am sure they will be very happy with this news. Thank you once again, bro
Legalizing bitcoin in any country does not mean that few people can trade freely on centralized platform or whatever. Making and declaring it legal changes the mindset of the entire nation. Currently in Pakistan, most of the people do not believe in bitcoin and many due to no knowledge and lack of govt. support, call it a ponzi scheme. Since, there is no legal status of it in the country, no one can use it openly to accept it as a payment method in their business.
When government will declare it legal, people will start using it and it will be easily used as a payment method just like fiat or paper money. More people will come to know about it and eventually people will realize the advantages of digital currency.
If any country should show interest in bitcoin now is due to their personal interest, the regulation will come with processes of tax collection or imposed fee from fiat-cryptocurrency exchange. It is a good time to allow cryptocurrency in a country, when the bull market is still far away and countrymen can put some fund to reap generational wealth. Money from cryptocrrency can flow into economy and diversification of fund from cryptocurrency can improve lives of many forever.
The problem in India is that cryptocurrency is in the "grey zone", i.e not completely legal. Earlier there was a banking ban on Bitcoin. Users were prohibited from using their bank account to trade in cryptocurrencies. But even then, there was no ban on holding or transacting cryptocurrency. However, a few local exchanges were forced to shut down as a result of this banking ban. The supreme court of India announced a few months ago, that the ban has no legal basis. But there are other legal complications.
From what I heard, the equipment and the coins were seized from the Bitcoin ATM provider, because he didn't had the necessary license to operate the ATM. But the operator claims that he applied a number of times for the license, but everytime the authorities turned down his request saying that they don't provide such a license.
Sometime back when I joined this community I was feeling India could be really big stake holder in this as they are in software industry but sadly after reading some good number of issues and other problems feeling sad for them because they can go on top with this all they already have some good system and other things just need some legislation and this is going to help them in good way for good exchanges and other stuff which can bring billions of USD in investment and they can have some good upper hand but sadly red carpet is still big problem.
Even if bitcoin is legalized in Pakistan, the landscape wouldn't change that much. Personally I see legalization as one step towards formalization of entities dealing with cryptocurrencies, with not much value added into it given that people are already using it in the country sans the big services that may enter the scene once the government gives a go signal about it. Services and platforms might appear here and there, though people will surely just use services outside the country that have been far more reliable and convenient to them and served their purpose well.
Regulations give freedom and restrictions at the same time, so I'll always have mixed feelings towards it especially on countries with a not-so-firm belief about it.
Here you have very good point because Pakistan is already facing some big troubles and trying to settle these all its not easy job peoples need some basic things for regular life instead of this cryptocurrency but this exposure can give some good hope to many youths and investors as they will able to do this all without any fear and freely right now as these things are going I am also feeling happy as they are doing some quick work for this all.
Of course, the decision to legalize cryptocurrency in Pakistan will greatly influence the government of neighboring India on this issue. Pakistan has always been on the list of states where cryptocurrency was completely banned. However, times are changing. The Pakistani government sees all significant world states taking steps to legalize cryptocurrencies and move towards issuing their digitized central bank currencies. Nobody wants to remain on the sidelines of technical and especially financial progress. You can be sure that after such a decision, the Indian government will soften its position on the cryptocurrency.
Brutal wake-up!!!!
I want to see the faces of those cheering on regulations when the financial inspectors start hunting them down and ask for the tax on trading revenue and they start getting charged with tax evasion. Oh, it will be legal, more people will use it, you will simply have to pay a lot for nothing and strat following stupid rules with a lot of fine printing that could get your ass in jail for twice declaring a 10satoshi/b deduction for the fees you paid consolidating your inputs.
Lol, look where we have arrived. At the point where the users of decentralized currency have to beg a shitty government to regulate it so they can use it. I guess you'll be fine with the government making state-controlled custodial wallets mandatory also, right?
....and their entire GDP is lower than that of Denmark with a population of 5 mils.
Do not give these ideas to these government who are thinking hard about how to control the market, a state sponsored wallet is a new concept and countries like China, Pakistan and India can come up with these stupid ideas .
If it is a productive population then it will have a major impact but anyone who is into bitcoin and are interested in the market are already active and i do not believe about a population who will be joining once regulations are set in. I am not completely neglecting that factor but still i am not having much hope for that but when it comes to corporate investment legalization might be a major factor.
It wasn't actually my idea, people have been toying with that concept for a while, including registering your address in a database and allowing businesses to conduct transactions only from those addresses. I can't remember who the bright guy with this concept was.
Anyhow, Forget CH/PK/IN
Venezuela is way ahead of that..
Venezuela to Incorporate Bitcoin and Litecoin Wallets into National Remittances Platform
How convenient, you can now receive your coins from friends abroad in a wallet controlled by the state...
Aren't regulations awesome?