Legislation follows the interests of citizens, so whenever it is in the interest of citizens to accept bitcoin, the government will not stand against that desire, although I think that Pakistan will be the last country to regulate cryptocurrencies, and therefore its impact will be limited due to the fact that many countries have done so.
Saying that Bitcoin will not be legal does not mean that Bitcoin is illegal or prohibited, and therefore the ordinary user will be a beneficiary, since he does not pay taxes on it and that there are no penalties for it.
Topic: Another one bites the dust? Pakistan will ban crypto and never legalize it - page 2. (Read 386 times)
May 20, 2023, 12:02:05 AM
May 19, 2023, 11:16:30 PM
So you think the IMF forced Pakistan to ban crypto… But I thought the IMF was a friend to crypto… then I read this article and I came to my senses
https://www.imf.org/en/Blogs/Articles/2023/02/23/technology-behind-crypto-can-also-improve-payments-providing-a-public-good
Of course these fuckers will want to ban crypto. It is because they want to eliminate any competition. They are fine with stealing all the tech from these open-source projects and then they ban them. That’s now fair.
https://www.imf.org/en/Blogs/Articles/2023/02/23/technology-behind-crypto-can-also-improve-payments-providing-a-public-good
Quote
Crypto assets have been more of a disappointment than a revolution for many users, and global bodies like the IMF and the Financial Stability Board urge tighter regulation.
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Central bank role
Central bank digital currencies can help because of their dual nature as both a monetary instrument—a store of value and means of payment—but also as infrastructure essential to clear and settle transactions. Policy discussions have mostly focused on the first aspect, but we believe the second should receive just as much attention.
As a monetary instrument, CBDC provides safety; it alleviates counterparty risks and provides liquidity in payments. But as infrastructure, CBDC could bring interoperability and efficiency among private networks for digital money and even assets.
Payments could be made from one private money to another, through the CBDC ledger or platform. Money could be escrowed on the CBDC platform, then released when certain conditions are met, such as when a tokenized asset is received. And the CBDC platform could offer a basic programming language to ensure smart contracts are trusted and compatible with one another. That too will become a public good in tomorrow’s digital world.
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…
Central bank role
Central bank digital currencies can help because of their dual nature as both a monetary instrument—a store of value and means of payment—but also as infrastructure essential to clear and settle transactions. Policy discussions have mostly focused on the first aspect, but we believe the second should receive just as much attention.
As a monetary instrument, CBDC provides safety; it alleviates counterparty risks and provides liquidity in payments. But as infrastructure, CBDC could bring interoperability and efficiency among private networks for digital money and even assets.
Payments could be made from one private money to another, through the CBDC ledger or platform. Money could be escrowed on the CBDC platform, then released when certain conditions are met, such as when a tokenized asset is received. And the CBDC platform could offer a basic programming language to ensure smart contracts are trusted and compatible with one another. That too will become a public good in tomorrow’s digital world.
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Of course these fuckers will want to ban crypto. It is because they want to eliminate any competition. They are fine with stealing all the tech from these open-source projects and then they ban them. That’s now fair.
May 19, 2023, 11:02:32 PM
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.
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.
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