Good News for Pakistanis Involved in Cryptocurrency Business | CurrentNN

Good News for Pakistanis Involved in Cryptocurrency Business | CurrentNN

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Good news for those interested in investing in the cryptocurrency business, although late, the government has realized the importance of digital currency. The government has started considering forming a national crypto council. The council will consist of government agencies, regulatory authorities and industry experts. The crypto council’s job will be to regulate digital currency along with preparing it. Advisor to the Ministry of Finance Khurram Shahzad told a private TV channel that 20 to 25 million Pakistanis have invested in crypto or virtual assets in exchanges of different countries. Talking about the amount invested, it is estimated at $20 billion. When investment is being made in different ways, it is the need of the hour to provide a legal framework. A lot of work is being done on digital assets and Bitcoin in the United Arab Emirates. There can also be a cash-out in the form of Bitcoin in the UAE. The question is, if the youth want to invest in it, how can they be facilitated through legal work? The State Bank and SECP will play an important role in the Crypto Council. It is necessary to provide a legal framework to those involved in the cryptocurrency business before bringing them into the tax net. Other companies including Binance and Coinbase want to come to Pakistan. Regulating cryptocurrency will help in remittances. There will be challenges regarding cryptocurrency and digital assets, but the long-term benefits are huge. Hopefully, positive developments will be seen in the coming days regarding cryptocurrency. According to senior journalist Omar Cheema, 10 million people in Pakistan are directly or indirectly involved in the cryptocurrency business. If compared to those investing in the stock market, the number of people interested in cryptocurrency is very high. The number of people registered in the stock market is about 300,000, of which 90,000 are active investors. The formation of a crypto council will make it easier to bring crypto investors into the tax net. The formation of a crypto council will also have the advantage of knowing the circulation of the currency. When exchanges are regulated, they will also be obliged to provide information about account holders and investors to the government. The benefits will be greater and the chances of loss are less. Omar Cheema said that awareness about cryptocurrency and its regulation is very important. Cryptocurrency is not a substitute for the current currency. Cryptocurrency is an asset like gold or property.

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