BlockchainPakistan not to ban bitcoin (BTC) and other cryptocurrencies

Pakistan not to ban bitcoin (BTC) and other cryptocurrencies

Minister of State for Parliamentary Affairs Ali Muhammad Khan met yesterday in Pakistan with representatives of the National Assembly. The official said that if the country decides to follow the path of the introduction of cryptocurrency and the development of this industry, the government will not stand in the way.

Discussion of cryptocurrency issues

According to Daily Times , a meeting was held on Wednesday in which Ali Muhammad Khan told the National Assembly that bitcoin (BTC), like other crypto assets, is a new concept. He added that the government has no intention of hindering the development of the crypto industry .

Asked about the regulatory framework that has yet to be put in place in the country, Khan said authorities are not opposed to it, but the State Bank of Pakistan (SBP) has certain conditions. According to the Minister, this issue has been referred to the Finance Committee, where it will be examined. Ali Muhammad Khan added that the authorities were not opposed to young people being able to invest money using new technologies.

Other topics of the interview

After discussing cryptocurrency, the minister responded to other questions raised by representatives of the National Assembly. Discussions focused on rising wheat prices and provincial fundraising commitments for tribal people. Ali Muhammad proposed to refer these matters to the Finance Committee.

At the end of the speech, Khan added that work on two tunnels, an underground power plant and other infrastructure items, was underway in the country. Construction of the electromechanical plant, work on which began in November 2019, is also continuing.

It is nice to observe that countries like Pakistan are not only developing, but also considering introducing cryptocurrency. Even if the country doesn’t embrace bitcoin as an official payment method, it certainly won’t be against people investing in it.

Jason Norton
Jason Norton
Jason Norton is a seasoned journalist at NewsAlarms, specializing in fintech, finance, and startup news. With a passion for uncovering the latest trends and innovations in these dynamic fields, he brings insightful perspectives to our readers

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