Suffered hugely by growing terrorism and sidelined by major economies, One of Pakistan's four provinces urges the central or federal govt to legalize crypto to come out of its falling economy.
On Wednesday, Zia Ullah Bangash, an advisor to the govt tweeted that a state assembly in Pakistan passed a resolution this week demanding the federal govt to lift the ban on crypto and legalize and accept bitcoin and other crypto currencies.
The resolution added that "we appeal to the federal govt to carefully consider our proposal for legalizing crypto"
The resolution was passed by the various advisors and ministers to the chief minister of the Khyber Pakhtunkhwa province. Khyber Pakhtunkhwa province is a mountainous region in northern Pakistan. The resolution was signed unanimously, meaning there was no backlash from the opp party or from other parliament members.
Pakistan is already on a tense high alert border situation with its neighbor India. It already has a sinking economy due to the above mentioned problem and also its worsening diplomatic relation with US and other Western countries.
Due to the above mentioned things many in the ministry of Khyber Pakhtunkhwa region think crypto offers a way out and The province naturally cool environment, cheap power and availability of Manpower and Materials. As the province meet all the criteria for a profitable bitcoin mining they invest the federal govt to legalize the crypto.
Miners also need to profit from mining crypto for their efforts. For the profit, miners need to have some ownership laws and other legal laws to protect them. Currently all type of cryptocurrency is illegal in Pakistan owning them are transferring it in exchange is a serious offence, also illegal.
If u are found owning a crypto u could be arrested, earlier this year two individuals arrested after they are found trading Cryptocurrencies But this Resolution aims to change this.
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