The official reason for why the Finance Minister of Pakistan wants to ban and never legalize the cryptospace in their country is to remove Pakistan from a FATF grey list. However, the skeptical me thinks this might not be the only reason. Pakistan has a pending approval for a bailout from the IMF and the IMF does not like crypto hehe.
We also know what has happened to much of these bailouts. The corrupt people at the top enjoy it, while the tax payers at the bottom pay for it very much similar to what the bankers did in the 2007 financial crisis hehehehe.
Cryptocurrencies will “never be legalized in Pakistan,” said Minister of State for Finance and Revenue Aisha Ghaus Pasha to the country's Senate Standing Committee on Finance on Wednesday, according to local reports.
The minister said that the Financial Action Task Force (FATF) had set a condition that cryptocurrency will not be legalized to keep it off the international finance watchdog's so-called "Grey List," according to one local news outlet, and another said Pakistan's stated position is because it goes against the conditions set by the FATF.
Read in full https://www.coindesk.com/policy/2023/05/18/pakistan-announces-fresh-ban-on-crypto-but-adoption-as-a-hedge-remains-popular/
In any case, this is very much the opposite of what Bukele is doing in El Salvador. I used to laugh and shake my head at Bukele because being the skeptical me, I thought he was only larping. I have now come to respect him.
Topic: Another one bites the dust? Pakistan will ban crypto and never legalize it - page 2. (Read 277 times)
May 20, 2023, 12:02:32 AM
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