Pakistan introduces 3 sub-committees to decide the future of crypto
Despite the surge in the popularity of cryptocurrencies since last year, many nations have been reluctant to adopt or work with cryptocurrency firms due to a lack of regulations. As per a new report, to bridge the gap caused by uncertainty, Pakistan has introduced three sub-committees to decide the future of cryptocurrency businesses in the country.
Pakistan takes a strong step
After reviewing all the advantages and disadvantages of blockchain and crypto business, the three sub-panels will formulate their recommendations, including determining its legal status and a ban on such endeavors in Pakistan. As per the documents seen by The Express Tribune, these three sub-committees were created during a meeting that the federal finance secretary chaired. The goal of the meeting was to decide whether cryptocurrency businesses should be legalized in Pakistan or not.The first panel for reviewing crypto businesses was formed under the chairmanship of the law secretary, and the members of the sub-committee will include the State Bank of Pakistan (SBP), Federal Investigation Agency (FIA), and Pakistan Telecommunication Authority (PTA).
As per the report, the committee formed will propose a method to ban cryptocurrencies in Pakistan, if needed, while maintaining a balance between welfare and technological advancement. All the recommendations will be given based on this review.
Other two sub-committees
The other two sub-committees were formed under the SBP Deputy Governor Saima Kamal. Representatives of the Ministry of Information Technology, Securities and Exchange Commission of Pakistan and PTA, and others will become members of these sub-committees.The first sub-committee will look into the fact that cryptocurrencies need to be banned as legal tender in the nation. At the same time, the panel will formulate its recommendations in view of the related laws. Moreover, the second sub-committee will look into the repercussions of banning cryptocurrencies.
On the other hand, as recently noted by Cryptonary, the State Bank of Pakistan and the federal government have recommended a complete ban on cryptocurrencies.
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