Pakistan Will Legalize Cryptocurrency Soon

The PM's advisor for crypto said that Pakistan would soon legalize cryptocurrency to attract local and foreign investment in Pakistan.  Currently, Pakistan does not consider cryptocurrency/bitcoin as illegal trade, and even some bank accounts are flagged and closed on a permanent basis on the assumption that the amount that was transferred into the account is P2P, which might be the source of bitcoin and only trading. 

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Moreover, Pakistan is far behind in terms of digital currency trade due to a lack of infrastructure issues and manual-based banking in Pakistan.  Pakistan would require massive amounts of legal amendments and infrastructure updates to support cryptocurrency and ensure that it is not used for terror financing or money laundering.

Bilal Bin Saqib told Bloomberg that Pakistan had enough for sitting on the sidelines, and now we are focusing on regulatory clarity regarding Bitcoin or cryptocurrency. He revealed that Pakistanis are holding a 20 million dollar investment in cryptocurrency; the Pakistani government wants to attract as well, and Pakistan will soon be focusing on leading digital currency and becoming a leader in terms of investment in digital currency. 

Bilal Bin Saqib said that Pakistan would focus on becoming a leader in blockchain investment and attract major foreign investment like other countries, especially western countries, which mainly now focus on digital currencies. 

Pakistan is facing a massive issue of external financing, and Pakistan needs major external investment to fulfill external debt payment requirements, and Pakistan is lucky that overseas Pakistanis are sending massive remittances to help them as much as possible. Moreover, legalizing cryptocurrency is welcome news for Pakistan, and it will attract many foreign investors.