- Powers have called this asset class “common fraud.”
- The country is not willing to risk FATF “white” status for a questionable market
- Pakistan was removed from the “gray list” of rogue states in October 2022
The Standing Committee on Finance met Tuesday, May 17, led by Sen. Salim Mandviwal.
In the event, the Central Bank of Pakistan (SBP) and the Ministry of Information Technology announced a joint effort to completely ban cryptocurrencies in the country.
Local media reported. Finance Minister Aisha Ghaus Pasha stressed that virtual assets would never be officially accepted in Pakistan because criminals use them to finance terrorism.
In addition, the head of the department cited the FATF decision to remove Pakistan from the “gray list.”
According to her, the government does not intend to ignore the structure’s recommendations for compliance with AML regulations.
Cryptocurrency services and sites will be fully blocked in the near future. In addition, the country will prohibit any promotion of digital assets in the media space.
Pakistani authorities consider the industry a “common fraud.” In the meeting, proponents of a total ban noted a “catastrophic” drop in CA market capitalization.
Committee Chairman Salim Mandviwala also pointed out that Pakistanis have lost “huge sums of money” by investing in a “failed project.
The committee also cited the example of China and, oddly enough, the United States, pointing to the need to follow the course of more developed countries.
At the end of the discussion, the Standing Committee on Finance instructed the authorities to draft a bill to completely ban cryptocurrencies.
There is reason to believe that it will be ready and adopted as early as this year.