Pakistani Sind Hugh court directed the Pakistani Prime Minister Imran khan to speed up the process to regulate the cryptocurrency in the country. If it becomes regulated it can benefit many people and allow more people to join it. The court has given three months to the government to regulate the cryptocurrency.
To speed up the process, a community id formed under the supervision of Ali Afzal, the Federal Finance Secretary of Pakistan. The Sind High Court also advised taking suggestions from various stakeholders, government officials, and ministers.
All this decision has been made after the hearing of two judges on petition again the ban of cryptocurrency in Pakistan. Millions of people in Pakistan have invested on many platforms. The detail of petitioners is hidden form media, but officials from the State Bank of Pakistan and country’s Federal Investigation Agency (FIA) were present in the hearing.
In April, from Reza Baqir, Pakistan’s central bank has said that authorities are finding ways to legalize Cryptocurrency in Pakistan. And also, different ways to facilitate off-the-book transactions by staying in a legal framework.
All these activities started when peoples start working with cryptocurrency in the country. The government has to take it seriously to legalize it in Pakistan. In the past 12 months, the cryptocurrency market has grown by 705 percent. And reached up to $572.5 billion in central and south Asia. And also in Oceania according to the research firm Chainalysis.
Cryptocurrency in Pakistan
If you look at the statistics, Pakistan is in the third number after India and Vietnam in terms of crypto adoption. And Pakistan also ranks at the 15th number for adopting Cryptocurrency according to another report.
In the last year, according to the Chainalysis report, Pakistan invertors have received more than 1.5 Billion. The cryptocurrency legalized topic has taken some heigh in the last few weeks. Pakistani politicians have discussed the topic in the National Assembly. And put the example of India to focus on the importance of Binance.
Now everyone should be waiting for the three months period to end. So, they can show everyone that they are using a legal platform for investment and source of income. More then 56Million peoples in Pakistani has investors at various exchange platforms.