Pakistan Takes Steps to Regulate Bitcoin as Economy Struggles

Zia Ullah Bangash, a government advisor, tweeted recently that Pakistan's state council made a move this week to push for laws concerning cryptocurrency ownership and bitcoin mining. The proposal got the green light from multiple advisors and has been sent to the Chief Minister of Khyber Pakhtunkhwa, a mountainous area in northern Pakistan. Everyone signed off on it, which means there was no pushback from other Parliament members. Is there anyone from Pakistan who can break down what this means for Bitcoin's legal status and the legitimacy of mining and trading in the country?

As much as I can tell, the Pakistani government sees a great income flow from the region and would want to increase the electricity capacities in the city to meet the demands of mining engineers and facilitate cryptocurrencies companies in the country. I also understand that, Northern Pakistan is a great region in the country that uses and patronises cryptocurrencies "A data about this must have been collected by the government to ascertain their curiosity". In light to this and how we'd understand the parliamentary debate; It is actually a great news in the era wher more adoption is the greatest quest we have been seeking for. This doesn't in anywhere needs any other logical explanation unless mine could be wrong as I don't live in Pakistan.

I am from Pakistan and this news has bring a lot of delight specially for the people who are using and involved in crypto currencies. It is always positive to hear that your government is supporting the crypto currencies and therefore we have a great future ahead. Pakistan has started work on legalizing bitcoin and other cryptocurrencies

So are you in favour about asking for identities in every btc address that circulate in Pakistan? Anyway, converting crytpo to your local fiat may already require KYC documents. Do you think this move will make your local merchants or shops accept bitcoin?

With this news I think that it would greatly affect also the decisions India is having right now regarding their back and forth decisions regarding the status of the crypto industry in their country. Also from what I know they are also identical when it comes to their industries as well as the corporations having business in both countries so there is really a chance that these companies from Pakistan are also eyeing India as one of their targets for their business.

I honestly think that this news gives a shed of life and hope for Pakistan nationals to use Bitcoin and cryptocurrencies. I know that they are struggling when it comes to accepting worldwide payments. Paypal is one of those popular payment processors that are banned in Pakistan, and Bitcoin was banned as well. It’s really difficult for a Pakistani to reach out in other countries. But good thing for them, the government is planning to legalize BTC.

It's really good news that the Pakistan government will legalize Bitcoin in their country knowing that the majority of the population are the young ones which could be considered as another hype for mass adoption.  Legalizing Bitcoin in the country IMO could also help the economy especially if they will fund the mining industry of bitcoin whereas they will gain numerous Bitcoin which can be used and put into the circulation of their market that may lead to the growth of the economy without the needs of printing fiat money. However, there could still be disadvantages to this movement such as the government may later gain control over Bitcoins since if it will be legalized all transactions will be subjected and abide by the laws that will be set forth by their government, and one of these laws it could break the anonymity of Bitcoin holders which is one of the ideology that Bitcoin offers us.

Legalizing cryptocurrencies is just one thing supporting the crypto industry is another, if they do really want to profit from the crypto industry what they should be doing is to attract crypto industries in their country by way of attractive taxes and other discounts that would earn them foreign investments aside from that they should have some kind of subsidy for the crypto mining sector which will obviously help them attract the mining industry. So right now there is no guarantee that legalizing Bitcoin will pave as a financial solution they should at least try to promote it by supporting it.

If this resolution comes to a pass and India follows through with Pakistan, that could be the worst or best thing to happen. It is difficult to say for now but this mirroring could be a helpful bond to attract Indian crypto investors and vice versa which in turn help in easing the tensions of this two nuclear countries. The worst is that the other side becomes paranoid that having investors and company from the other country is a planted spy, I do not believe that it could be the case but seeing the tension between Pakistan and India for a long time, I think that is a safe bet.

It's great to know that governments of countries are starting to embrace bitcoin and other cryptocurrencies. I believe they are now getting to see the numerous benefits bitcoin offers to the economy. I believe this move is a great one by the Pakistan government and it will help boost their economic situation. I wouldn't be surprised if other countries begin to adopt and legalize the use of bitcoin. Bitcoin is the new future and it's here already. They would only be left out of the digital train if they don't adopt it

Well I think they don't have a choice right now, the pandemic really crush a lot of the countries economy and they will have to find resources to make money so probably the Pakistani governments sees legalizing bitcoin as one way to revived the country. So this again proves why bitcoin could be beneficiary in the long run, specially for 2nd or 3rd world countries in Asia and take advantage of bitcoin as an hedge to economic woes that we are experiencing right now.

Some of Pakistan's neighboring countries have restrictions on the use of Cryptocurrency among it's citizen, like India and Bangladesh if they become successful on adopting Cryptocurrency and it adds revenue to their coffer, their neighboring countries will ease on Cryptocurrency holders among their citizens, and might adopt Cryptocurrency following Pakistan's lead.