Fawad Chaudhry, Pakistan’s federal minister of information and broadcasting, has stated that the country has no plans to legalize cryptocurrencies anytime soon.
He added that there are no guarantees behind the money, and that using any digital currency only on the basis of market faith is not permissible.
“We are also bound through FATF conditions to refrain from allowing any such mode of payment in the country,” he added.
While detailing other reasons for not to legalize cryptocurrencies, the federal minister stated that digital currencies are currently too volatile and do not provide a clear picture of their future value. He did, however, concede that the world will eventually require a single digital payment system.
Despite the fact that the problem of regulating digital currencies is still a question mark in Pakistan, the country is among the top 15 in the world for digital currency adoption as of July 2021.
According to Chainalysis, Pakistan received more than USD 1.5 billion in crypto-cash last year, with many analysts predicting that it might have been much higher in 2020-2021 if crypto transactions were made easier and authorized.
To read our blog on Fawad Chaudhry’s views on participation of Pakistani Tech companies and on Information Technology in GITEX Technology Week 2021, click here.
