Pakistan takes a step forward
After reviewing all the pros and cons of blockchain and crypto, the three sub-groups will formulate their recommendations, including determining its legal status and banning such ventures in Pakistan. According to documents seen by The Express Tribune, these three sub-committees were created at a meeting chaired by the federal finance secretary. The purpose of the meeting was to decide whether cryptocurrency businesses should be legalized in Pakistan or not.
The first Crypto Business Review Committee has been formed under the chairmanship of the Legal Secretary, and the members of the sub-committee will include the State Bank of Pakistan (SBP), Federal Investigation Agency (FIA) and the Pakistan Telecommunications Authority (PTA) .
According to the report, the formed committee will come up with a method to ban cryptocurrencies in Pakistan, if necessary, while maintaining a balance between welfare and technological advancement. All recommendations will be given based on this review.
Two other sub-committees
The other two sub-committees were formed under the leadership of SBP Deputy Governor Saima Kamal. Representatives from the Ministry of Information Technology, the Securities and Exchange Commission of Pakistan, and the PTA, among others, will become members of these sub-committees.
The first sub-committee will consider whether cryptocurrencies should be banned as legal tender in the country. At the same time, the panel will formulate its recommendations with regard to the relevant laws. Additionally, the second sub-committee will look at the implications of the cryptocurrency ban.
On the other hand, as Kripteu Magazine recently noted, the State Bank of Pakistan and the Federal Government have recommended a complete ban on cryptocurrencies.