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Finance

Pakistan moves towards legalizing Bitcoin!

Pakistan might become the first nation out of its neighbors to legalize bitcoin. As a result of the global pandemic, Pakistan’s economy took quite a toll. Bitcoin has been formerly illegal in Pakistan and hunts to crack down any crypto mining and holders of farms had taken place in Khyber Pakhtunkhwa, a province of Pakistan.

However, just in that province, a positive step towards legalizing crypto-mining and cryptocurrency has been taken. The State Assembly of Khyber Pakhtunkhwa passed a resolution anonymously (hence there was no opposition for this resolution) Sumera Shams who is a member of that provincial assembly went on Twitter to state on the 2nd of December that Pakistan is now progressing towards digitization and that would enable it to compete with rest of the world.

She also stated how a “regulatory framework” for cryptocurrencies was also being established in Pakistan. Miners would still require amendments in ownership laws. This move by one of the provincial assemblies might go ahead and influence other provinces to follow suit. This might help Pakistan accelerate the process of becoming a digital economy.

Waqar Zaka, an influencer has also helped bring focus to the need for cryptocurrencies like bitcoin in Pakistan and took to Twitter to state how Khyber Pakhtunkhwa is just the start and this would soon travel to other provinces. In this digital day and age, it is crucial to take steps that rapidly take our country towards digitization.

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