Amidst a turbulent political climate, the Pakistani government maintains its steadfast opposition to cryptocurrencies. The recent emergence of news surrounding the country’s crypto ban gained attention, sparked by the statement made by the finance minister of Pakistan.
According to the local media report, Minister of State for Finance and Revenue, Aisha Shaus Pasha, announced during a session of the Senate Standing Committee on Finance and Revenue on May 16 that Pakistan intends to prohibit cryptocurrency services within the country and has no plans to legalize crypto trading.
As per Pasha’s statement, the ban on cryptocurrencies was deemed necessary to fulfill the requirements outlined by the Financial Action Task Forces (FATF). Notably, Pakistan was successfully removed from the FATF’s gray list in October.
To enforce the ban on cryptocurrencies within the country, various officials, including State Bank of Pakistan (SBP) Chair Sohail Jawad, have expressed their support for this measure. Consequently, the SBP and the Ministry of Information Technology have taken the initiative to draft legal legislation with the aim of implementing the crypto ban.
The impending crypto ban in Pakistan has sparked a wave of strong disapproval within the Pakistan Crypto Twitter Community.
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