Pakistani officials are said to be ready to introduce a framework for digital currencies. Bitcoin ( BTC ) and other cryptocurrencies This development arrives just after senior experts squashed rumors about Pakistan being ready for crypto legislation. Meanwhile, India shows little progress on its stance, delaying a Supreme Court decision once more.
At last, Pakistan is gearing up to introduce regulations for Bitcoin.
After years of a heavy-handed approach to digital currencies, Pakistan seems set to legitimize its crypto sector by implementing standardized guidelines, according to sources like The Express Tribune. created The government is developing rules under the Electronic Money Regulations umbrella designed for cryptocurrencies.
The new Electronic Money Regulations will serve as a blueprint for licensing Electronic Money Institutions once stakeholders agree on the plan. Companies breaching these rules risk losing their licenses, the government warns.
Insiders linked to the Finance Ministry note that the upcoming rules will focus on robust oversight and industry regulation. This marks the second report in two weeks hinting at new crypto rules in Pakistan.
Back in March 2018, Asad Umar, Pakistan's finance minister, debunked refuted circulating reports about legalizing digital currencies in Pakistan. BTC Just like India, Pakistan has been cautious, banning banks from processing crypto-exchange transactions.
Despite the ban, cryptocurrency-related activities persist, with many turning to digital currencies amid economic struggles, drawing comparisons to countries like Iran.
Concerns over money laundering and potential FATF blacklisting loom.
Finance Ministry insiders mention avoiding FATF's blacklist is a major motivator for Pakistan's crypto regulation efforts. Global regulators agree cryptocurrency is a potential tool for money laundering and terrorist funding. significant threat One ministry source stated:
\"The regulations aim to curb money laundering and terror financing while facilitating digital currency regulation nationwide.\"
Given allegations about India's efforts to blacklist Pakistan over alleged terror links, it's unsurprising the government is scrambling to regulate cryptocurrencies.
Over in India, the Supreme Court has yet to decide on the Reserve Bank's 2018 ban stopping banks from aiding crypto exchanges, with a ruling now postponed to mid-2019.
India remains hesitant in its cryptocurrency decision-making.
By the end of March 2019, Coindelta, one of India's few remaining Bitcoin exchanges, announced it was closing due to the challenging regulatory landscape. RBI The firm had ceased its local operations back in September 2018 and disclosed plans to relocate to a jurisdiction with more favorable crypto rules.
It's still uncertain if Coindelta will restart operations elsewhere. The platform had survived around 18 months before being forced to close.
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