Pakistan Might Go For A Crypto Ban?

Article # 85
Dated: 12th January 2022

I am feeling quite tense after hearing the news that Pakistan might go for a crypto ban. I saw this news on social media and then dig out online to find out the details of it. So let me tell you about the detail of these events in today's article.

All this started when the Sindh High court asked the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with Ministries of Information Technology and Law to regulate crypto regulations within three months. Today was the last day for submitting their report and they submitted their report today. I have already an article about it and I have tried my best to compile all the events related to crypto in Pakistan. Link is given below if you want to find out about it.

https://read.cash/@Usmanshoaib/good-news-for-crypto-traders-and-hodlers-in-pakistan-0c71c65d

So the report is submitted today in which the authorities claimed that crypto is illegal and should not be used for trade. The report said that cryptocurrency is illegal and could not be used for trade. They sounded so foolish to me for claiming that cryptocurrency is illegal and I am sure they are dumb enough to not understand it. Anyways, they also tried to back their point by naming eleven countries that have banned cryptocurrencies including China and Saudi Arabia.

The Sindh High Court has ordered to send the report to the finance and law ministries for review and they will make a final decision on the legal status of the cryptocurrencies.

This whole case was filed by Waqar Zaka who is an activist for making cryptocurrencies legal in Pakistan. He is fighting very hard and he has assured everyone that he will make cryptocurrency legal in Pakistan.

But now we have to wait for the final decision of SHC on the next hearing which will be on 12 April.

The whole situation worsened when a new scam started in December 2021 with an application named "HFC Pak Trading App". Many people become greedy enough and they lost 1 Billion Rupees just to earn some quick money. Our people dont want to struggle and work hard for a few cents but they are ready to lose their lifetime earning just to make it double. Thats why scammers take advantage of it and eventually they lose all their money.

Some people initially earned some profits from this application which was a betting platform for bitcoin. And then they refer it to their friends and close ones who made investments too. And then when they received huge investments, they crashed the app. This is how scammers make a trap for people here and it happens every time but still, greedy people won't learn the lesson.

The problem was the investors needed to convert their fiat money to crypto using finance or any other crypto exchange and then they would deposit the crypto to their HFC Pak Trading app account.

Anyways,

I hope the decision would be in our favor because Cryptocurrency is generating revenue in billions as our country ranks third in Global Crypto Adoption Index in 2021. I hope our authorities would understand that and let common people take advantage of crypto.

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