Pakistan to ban crypto
The State Bank of Pakistan and the Ministry of Information Technology and Telecommunication began work Wednesday to ban the use of cryptocurrencies in the country.
The Senate Standing Committee on Finance and Revenue has instructed authorities to completely block crypto services and websites in the country.
The Committee also rejected the possibility of legalizing crypto trading, citing potential risks to the country. The Committee noted that crypto trading is speculative in nature and that virtual currencies can be used to finance terrorism.
"Permission to trade in crypto currency cannot be granted," the Pakistani finance minister said.
The Committee agreed that crypto cannot be effectively regulated, noting that virtual currencies are already banned in the US, Canada and China.
The decision should have a significant impact on crypto activity in the country of 230 million people, given that Pakistan has experienced a surge in crypto adoption in recent years.
In 2021 alone, Pakistanis invested about $20 billion in cryptocurrencies, according to a government research report.
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