The National Assembly Standing Committee on Finance has opined that cryptocurrencies should be allowed in Pakistan and has summoned experts for its next meeting to give a detailed briefing on related issues.
The Standing Committee on Finance deliberated on the calling attention notice of MNA Osama Qadri on allowing trading of cryptocurrency in the country.
The mover of the notice while briefing said that machines for buying and selling digital currency have been set up in more than 75 countries of the world. If digital currency is being used all over the world, then why can’t we allow it in Pakistan? he asked.
He said that there are four exchanges of cryptocurrency in neighboring India. Pakistan is blessed with talented youth and experts of cryptocurrency and blockchain are already available in the country and the government should take advantage of this talent. He said that the government had banned cryptocurrency without giving any reason.
Jamil Ahmed Khan said that many people invested in this business without realizing it and incurred losses. He claimed that it is estimated that in the last one-year people lost Rs. 20 billion in this business.
At this, the State Bank of Pakistan (SBP) officials said, “Only the Pakistani rupee is legal in Pakistan and not cryptocurrency. The SBP had issued a warning in this regard in 2018”. They argued that only Salvador and Cuba had allowed cryptocurrencies and gave them legal status.
However, the majority of the members of the committee were in favor of allowing cryptocurrencies.
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