Pakistan is one of the many Asian countries to adopt Bitcoin and other cryptocurrencies at an impressive rate. Pakistan and its neighboring India, with their huge populations, have added a lot of wealth to the global crypto ecosystem. In a recent meeting with Bitcoin SV advocate, Jimmy Nguyen and other experts, the serving president of Pakistan Arif Alvi said that the youth should leverage these tools. He urged the youth of Pakistan to invest in learning these technologies, chiefly blockchain technology. Several experts from different backgrounds agree that blockchain is a disruptive technology that will affect every aspect of our lives. President Arif Alvi wants to strengthen the nation’s economy by making it a center for blockchain development. With a young workforce and a big population, Pakistan has the potential to be an important player in global blockchain developments.
While the president of Pakistan urged young citizens to learn about these technologies, the State Bank of Pakistan and Sindh High Court was proposing a blanket ban on cryptocurrencies. In a recent scam, thousands of Pakistani investors lost cryptocurrency tokens from the Binance crypto exchange. Pakistani authorities sent a legal notice to the local representative of Binance but did not get any satisfactory response.
As a result of these losses, the State Bank of Pakistan and Sindh High Court proposed a blanket ban on cryptocurrencies in the country.
As of now, Pakistan is neither banning cryptocurrencies nor setting up blockchain hubs. It is still not clear exactly how Pakistani authorities would regulate cryptocurrencies in the country.