Contrary to popular belief, Pakistan’s executive power has not intentions to band crypto investments for good. For the past few weeks, there has been a false narrative going around that suggested that the government plans to shut down crypto trading altogether. However, that could not be any further from the truth as Pakistani lawmakers have stated multiple times that they do not intend to ban crypto trading. According to the country’s high court, it has been urging the government to make sure it imposes crypto regulations properly.
There has even been a committee formed to make sure it is proactive in the matters of crypto regulation in Pakistan. The minister of Pakistan has reiterated numerous times that the government does not object crypto investments in any way shape or form. Ali Muhammad Khan, who happens to be the Minister of Parliamentary affairs, stated that the government realizes that the concept of crypto is relatively new. He further added that the government doesn’t have any plans to block crypto trading or investments.
As a matter of fact, the government highly appreciate that the crypto community in this country is slowly but surely gaining steam. If things were to remain consistent, there is an excellent chance that Pakistan would become a highly favored crypto spot all over the world. For now, however, it is still a work in progress and there are a lot of changes required for the country’s crypto community to challenge other markets.
That said, there are a few things that the government wants to implement properly. One of these things happen to be crypto regulations. If you have been following the world of crypto for a while, you will know that regulations are a common part of the crypto world. More and more governments across the globe are enforcing it in order to avoid issues faced by many investors. One of the biggest problems that have been bothering investors all over the world is frauds and hacks. Believe it or not, a large number of people get robbed of their investments.
Issues like these result in investors becoming fearful of giving crypto trading a try. However, there has been a slow and gradual change recently, as the introduction of crypto regulations will eventually reduce, if not eliminate these common hurdles. With regulations in full effect in a large number of countries, it would not be a surprise to see Pakistan and several other Asian countries becoming strict with regulations as well. That being said, the implementation will take some time and there may be some hurdles along the way. However, that is always to be expected.