Monday, March 4, 2024

IT Minister Opposes Ban On Cryptocurrency

Aminul Haque, the Federal Minister of Information Technology and Telecommunications, has recently opposed the ban on cryptocurrency in Pakistan.

While talking to the media, the minister stated that the Ministry of Information Technology and Telecommunications opposes any ban that hinders the country’s growth and progress. Cryptocurrency issues may be discussed, but the Ministry of Information Technology is not directly involved.

As per the minister, the Ministry of Finance, Federal Board of Revenue (FBR), and State Bank of Pakistan (SBP) are all involved in the cryptocurrency issue, who also stated that the ministry is prepared to provide technical assistance if these institutions give their approval.

He regretted for the increase in advance tax on the telecom sector, despite the fact that he was against it in the cabinet and in parliament.

Haque further stated that “We spoke out against it in every venue, and the MQM had suggested its own set of modifications. The Finance Ministry and the FBR are now in discussions about withholding tax.”

Further, to help the general public, the minister added that they intend to lower the withholding tax on the telecom sector from 15% to 10%.

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