Pakistan’s Federal Government has Established Three Subcommittees to Explore Opportunities for Cryptocurrencies

According to local media, Pakistan’s federal government has organized three subcommittees to study the future of cryptocurrencies and related services. The law secretary leads the first panel, and it includes representatives from the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA). Under the chairmanship of SBP Deputy Governor Saima Kamal, two other subcommittees have been formed. Members of the panel include representatives from the Ministry of Information Technology, the Pakistan Securities and Exchange Commission, the Pakistan Telecommunications Authority, and others. The subcommittees will prepare their suggestions and submit them to a commission led by the finance secretary, following which the country will formulate recommendations on the future of cryptocurrencies. Earlier this year, the SBP suggested that cryptocurrencies be banned, and one of the country’s top banks swiftly followed suit, advising consumers to avoid using its bank for crypto transactions. Pakistan’s Current Stance On Crypto The first committee was constituted to determine whether digital assets should be banned as approved legal tenders or virtual assets under present legislation. The second committee will provide suggestions on whether to ban it or not and the potential consequences for the country’s technological growth. There is still a lot of uncertainty because the State Ban...