Cryptocurrency Exchange Has Urged Pakistani Authorities to Tax Digital Assets: Report

According to local media, Pakistani crypto exchange RAIN has petitioned the country’s finance minister to regulate cryptocurrencies and put a 15% tax on them. According to local media reports, RAIN warned officials that a capital gains tax on crypto assets could fetch Pakistan $90 million in taxes. According to local media, RAIN General Manager Zeeshan Ahmed stated that other countries, such as India and the United States, generate billions of dollars in taxes. Pakistan should consider crypto transactions legal and regulate them. According to Ahmed, the administration might take 12 to 18 months to decide. Pakistani Central Bank Shares the RBI’s Concerns About Cryptocurrency Governor of the State Bank of Pakistan (SBP) Reza Baqir remarked at this year’s MASIC Annual Investment Forum that the hazards of cryptocurrency must exceed the advantages, endangering financial and monetary stability in developing countries. Last month, the SBP suggested that cryptocurrencies be banned, and one of the country’s top banks swiftly followed suit, warning consumers to avoid using its bank for crypto transactions. Pakistan’s central bank has taken a similar stance to India’s central bank in opposing cryptocurrency trade, citing investor safety and financial stability. The Reserve Bank of India (RBI) has been outspoken about the dangers of cryptocurrency trading, with officials probing digital assets and even advocating an outright ban. India, l...