Pakistan, through the Pakistan Crypto Council CEO, aims to legalize cryptocurrency trading to attract global investments and integrate blockchain technology into its economy by establishing a regulatory framework, as revealed by the CEO in an interview with Bloomberg TV.
Despite Pakistan’s central bank’s warnings, demand for cryptocurrencies in the country has surged. Approximately 15-20 million Pakistanis are now actively trading digital assets, aligning with the global trend of crypto acceptance. This shift is influenced by countries like the US and UAE adopting crypto-friendly regulations, prompting Pakistan to consider legalizing cryptocurrency trading.
Pakistan’s decision to regulate the crypto sector stems from the desire for economic growth. Global politics has led countries like Pakistan to reconsider their stance on digital assets, as regulated markets can attract investment and spur innovation.
Pakistan has received over 20 IMF loans since 1958, the most recent being a $7 billion one in September 2024. It’s the fifth-largest IMF debtor, claiming this as their final loan. Regulating crypto trading could boost tax revenues, cut fiscal deficits, and lessen reliance on external borrowing.
The IMF suggested Pakistan’s Federal Board of Revenue tax crypto gains for debt repayment. Islamabad created the Pakistan Crypto Council (PCC) to set regulations aligning with global standards. The PCC, led by Finance Minister Muhammad Aurangzeb, comprises representatives from the State Bank of Pakistan, SECP, IT, and Law departments.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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