Tuesday, June 25, 2024

Cryptocurrency legalized in Pakistan by the KP Assembly

According to Dr. Sumera Shams, a member of the Khyber Pakhtunkhwa (KP) Provincial Assembly (MPA), the KP assembly unanimously adopted the resolution submitted by it to legalize cryptocurrency and crypto mining.

The draught resolution was tweeted by Zia Ullah Khan Bangash, the advisor to the KP Chief Minister for Science and Technology. The resolution urges the assembly to ratify the resolution in order to ensure that Pakistan continues to advance the world’s digital technology. Therefore, a set of laws to regulate cryptocurrency and crypto mining in KP should also be formulated by the government.

Waqar Zaka should certainly be pleased with the move taken by the government of the KP, as he strongly advocated the need for cryptocurrency legalization in the nation. His hearing is due on 17 December, when the court will order cryptocurrency legalization if a sufficient response is not provided by government officials.

This is a great move for Pakistan as it will promote the nation’s digital currencies and boost the digital economy, especially as Pakistan aims to become Asia’s IT hub. Cryptocurrencies have now been accepted by many countries worldwide as a legitimate way of making regular transactions.

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