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Blockchain & Cryptocurrency in Pakistan

Pakistan Met Blockchain

Pakistan Eyeing Crypto Regulations

Pakistan has adopted blockchain with using Alipay for cross border payment settlement for China. Ant Financial and Telenor Pakistan started blockchain system for cross border payments. Recently about 1$ Billion has been sent from Malaysia to Pakistan via this system. Alipay started its services early this year. Yet pakistan has not legalized Bitcoin and other crypto currencies in the country but adoption of technology is paving the way. In the previous month, the Finance Minister Asad Umar denied the news of legalizing Bitcoin and crypto currencies in Pakistan. But the very next month a ceremony was held at State Bank of Pakistan and announcement was made for adopting the new tech. The proposal were sent for formulating draft for legalizing Bitcoin and other crypto currencies is underway now. According to renowned newspaper The Express Tribune , it is decided to introduce Electronic Money Institutions (EMIs) for using crypto currencies in Pakistan. For this Financial Action Task Force has been made for financial implications. It was expressed in the meeting that it is a dire threat of misuse of crypto currencies in financing terror, tax evasions or money laundering. In order to maintain positive environment, the EMIs are given a task. This meet up will show a path for introducing own crypto currency by pakistan which is likely to be introduced in 2025. On the other hand there are bright chances of legalization of Bitcoin and other crypto currencies in Pakistan. In the recent past The State Bank of Pakistan made a public announcement to stay away from trading or investing in crypto currencies owing to high volatility and scams. a renowned media man Waqar Zaka announced launching his own crypto currency naming Tenup Coin. He was criticized in the media and left Pakistani Media and went to London to work on his crypto currency. Waqar Zaka claims that that his coin will help his country to lessen the burden of its debts. In a summation there is bright future of Bitcoin, Crypto and Blockchain Technology globally as well as in Pakistan

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