Instead of adapting to the changing requirements of modern times, the government is still focused on old, archaic ways. Coins and notes are going out of use and the future of money lies in crypto and digital currency. Yet, we are hearing rumours of an impending ban on cryptocurrency.
A large number of citizens are increasingly having online businesses and are interested in cryptocurrency but due to the absence of a regulatory framework, people are compelled to deal in foreign based cryptocurrency exchanges.
In Pakistan, social media activist Waqar Zaka has been struggling for the acceptance and regulation of cryptocurrency in the country. He has knocked on every forum including courts and is hopeful that the judiciary will give cryptocurrency its due status.
Waqar Zaka and the government are embroiled in war in the Sindh High Court. The government’s main focus is on imposing a blanket ban on cryptocurrency.
It seems that perhaps the government has decided to ban cryptocurrency in any case and is not ready to listen to its proponents.
In a democratic society, it is necessary to listen to differing opinions and make necessary legislation for public welfare. On the contrary, the government is not ready to consider legalizing cryptocurrency. It seems that perhaps Pakistan is a monarchy where King Imran Khan has the final say on who he is guilty of innocent. The judiciary is a ray of hope and is ready to listen to its citizens by instructing concerned agencies to legislate on the matter rather than taking unilateral decisions.
Let’s think for a moment. Who will benefit from cryptocurrency if it is regulated? What are its merits and demerits? Will Waqar Zaka benefit personally if he is calling for a crypto exchange where Pakistanis and even foreigners can invest? We will certainly receive a large amount of investment from within the country and abroad.
The government has reservations about the outflow of money through cryptocurrency. It must be noted that the formation of the crypto exchange will allay their apprehensions. If the government takes steps towards regulating cryptocurrency, it will certainly be under their supervision.
In the past few days, billions of rupees of Pakistanis were looted through foreign crypto exchanges. Once a local exchange is established, scams and fraud cases can be easily overcome. The foreign crypto exchange Binance has assured full cooperation to local law enforcement agencies as it allows a company to trade only after full scrutiny.
The government is completely silent on the matter and its entire emphasis on banning. The Sindh High Court has sought full details from the Finance Department regarding the status of cryptocurrency. The FIA now has the authority to investigate any unregistered crypto exchange operating in the country.
It remains to be seen whether the government will take a reasonable course of action regarding cryptocurrency or whether the unecessary ban will continue.
