One of the ministers of Pakistan confirmed that the government has problems with the use of crypto.
After the initiative of El Salvador to adopt Bitcoin as legal tender, many countries are showing a positive attitude toward the crypto market. Even Russia-like countries are seeing crypto as a future instrument. At present, Pakistan is also active in the crypto adoption hurdle.
Ali Muhammad Khan, Pakistan’s Minister of State for Parliamentary Affairs, said that the government of Pakistan have no issues over the use of crypto assets by the Pakistani youth.
On 20 October 2021, the lower parliament House of Pakistan figured out the lack of a regulatory framework that is needed in Pakistan. So Minister Ali explained it and shared the stance of the Pakistan government on Cryptocurrency.
Sindh High Court of Pakistan
Not only the minister of Pakistan talk about the positive stance of the government on crypto but also the highest judicial body of Pakistan SHC ordered the Central Bank & Financial regulators body to develop a framework on crypto in the next three months.
The whole matter of crypto regulation in Pakistan is under discussion because of a petition which was filed against the Pakistan Ban on crypto in 2018.
In the current hearing, the Pakistan government realised that there is a need for a crypto regulation framework so that Youths of Pakistan can use crypto assets and also the government of Pakistan can easily restrict the illicit activities associated with the crypto like Money Laundering, drug dealing & terrorist funding etc.
Social media role in crypto adoption
In the present time, social media platforms are most popularly supporting crypto adoption for the citizens of Pakistan. There are many crypto groups on Facebook which are leading Pakistan in the crypto industry.
In recent years, TV host Waqar Zaka took to YouTube & started to talk about Bitcoin. Wakar has around more than 1 million subscribers on YouTube.