Pakistan’s Khyber Pakhtunkhwa legalizes Crypto and Crypto Mining

A province in Pakistan, Khyber Pakhtunkhwa (KP), has unanimously passed the resolution to legalize cryptocurrency and crypto mining.

By · Dec 4, 2020 . 6min read

Pakistan's Khyber Pakhtunkhwa crypto mining news

Pakistan becomes the most advanced country to legalize crypto as the nation moves forth with its digitization agenda. Khyber Pakhtunkhwa (KP), one of four provinces in Pakistan, has passed a draft resolution on legalizing cryptocurrencies and crypto-mining. Thus, the KP Assembly has become the first legislative assembly to legalize cryptocurrencies and crypto mining in Pakistan.

In a tweet, Sumera Shams, a member of the Provincial Khyber Pakhtunkhwa (KP) Assembly, declared the decision by the parliament to legalize crypto trading and mining activities. KP’s decision will have a significant impact on the future of the country’s cryptocurrency industry.

Owing to the recently approved resolution, the KP parliament asked the government to support the decision to save Pakistan from slipping behind the curve in the emerging digital economy landscape. For approving the resolution, Pakistan’s government will have to develop a regulatory framework for cryptos.

Pakistan’s SECP is developing a framework for crypto regulations.

As reported earlier, the SECP (Securities and Exchange Commission of Pakistan) is developing a framework for regulating the crypto sector in the nation. In November, the Commission issued an exploratory report on cryptocurrency regulations. Indeed, there have been reports of the government considering virtual currency laws from April 2019.

However, Pakistan’s central bank outlawed crypto trading back in April. The decision sounded an alike decision by India’s RBI. Admittedly, both nations at the time appeared determined on a cryptocurrency crackdown policy. However, it was suggestive of the steps practised by China a year prior. Industry stakeholders have been striving to liaise with the governments to achieve legal status for virtual currencies. In March 2019, the country’s finance minister quickly ridiculed reports of Bitcoin legalization in the country.

The decision of the Pakistani province KP unanimously passing a resolution for crypto legalization occurs at a time when various countries are developing their cryptocurrency regulatory landscape. However, this a massive step for Pakistan as it will boost digital currencies in the country. It will boost the digital economy, as Pakistan intends to make itself the IT hub of Asia.

Follow Cryptodose for more updates.

Share
       
         All News