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Topic: Pakistan taking a U-turn - page 3. (Read 456 times)

jr. member
Activity: 70
Merit: 1
November 05, 2024, 02:04:49 AM
#10
The author of the article deliberately ignored the difference between digital currencies[1] and cryptocurrencies. The text source says:

Digital_currency is not a crypto, which are a form of current money, but they are digital, completely centralized, and do not have to be on the blockchain.  So if the above quote is the only update, then nothing has changed.

[1] https://en.wikipedia.org/wiki/Digital_currency
Governments already accept digital currencies launch by themselves through central banks and distribute through commercial banks too. They're going to develop,  test and launch CBDCs (Central Bank Digital Currencies), a newest form of their national digital currencies.

It is big difference compares to Bitcoin and Cryptocurrencies that are not launched by governments, central banks and they don't control these currencies. Except is they can control altcoin blockchains if they want by arresting founders of these blockchains and force them to do it for governments.

Several CBDC trackers.
cbdctracker.org/
atlanticcouncil.org/cbdctracker/
cbdctalks.com/

I think big countries like China or India would love to get their currencies on CDBC rails to have a much wider set of tools to control and regulate them.
Especially China! It's a "treasure" for them and for their people to use it because it can be regulated to the brim and used as a lever in some situations, in my opinion.
legendary
Activity: 2044
Merit: 1018
Not your keys, not your coins!
November 05, 2024, 02:00:28 AM
#9
The author of the article deliberately ignored the difference between digital currencies[1] and cryptocurrencies. The text source says:

Digital_currency is not a crypto, which are a form of current money, but they are digital, completely centralized, and do not have to be on the blockchain.  So if the above quote is the only update, then nothing has changed.

[1] https://en.wikipedia.org/wiki/Digital_currency
Governments already accept digital currencies launch by themselves through central banks and distribute through commercial banks too. They're going to develop,  test and launch CBDCs (Central Bank Digital Currencies), a newest form of their national digital currencies.

It is big difference compares to Bitcoin and Cryptocurrencies that are not launched by governments, central banks and they don't control these currencies. Except is they can control altcoin blockchains if they want by arresting founders of these blockchains and force them to do it for governments.

Several CBDC trackers.
cbdctracker.org/
atlanticcouncil.org/cbdctracker/
cbdctalks.com/
sr. member
Activity: 588
Merit: 338
November 05, 2024, 01:55:00 AM
#8
I would like to know the proposal because I haven't find it after making some research.

Digital_currency is not a crypto, which are a form of current money, but they are digital, completely centralized, and do not have to be on the blockchain.  So if the above quote is the only update, then nothing has changed.
You're correct, Pakistani government is talking about CBDC, it has nothing to do with Bitcoin, it's just the writers wish for Pakistani government to allow Bitcoin. Of course Pakistan need to amendments their regulations because it doesn't make any sense if they reject their own currency.
Reading the article on the link that OP provided, it didn't specifically state that the Pakistani government is legalizing cryptocurrency, so I agree with you that it must be the writers wish. Some people will publish articles with misleading information, and someone who is not vast in the topic will easily believe what is said.

I believe that in the near future, countries like Pakistan and China, that are still being skeptical about Bitcoin and cryptocurrency in general will have a change of mind. Bitcoin has become a store of value and it's adoption is increasing despite the unfriendly stance by some governments, I believe that in near future, they won't have much choice but to fully recognize it. The impact of Bitcoin is being felt in the US presidential campaigns, this is to show that eventually governments will adopt what the people want.
sr. member
Activity: 686
Merit: 332
November 05, 2024, 01:44:28 AM
#7
I can't speak for other cryptocurrencies, but with bitcoin all you have to do is just wait. Everybody with a right-thinking head will later come to realise that it's better to accept it rather than reject it, because when you compare bitcoin to every other currency out there, bitcoin is superior. With time they will all see it. The governments may not admit it openly of course and they will not make it legal tender, but it will not be illegal to spend or own bitcoin.
I belive that what most countries that are very strict with bitcoin need is time. That's if the country actually cares about its citizens. By the time the see how beneficial bitcoin is to the individuals, they'll lighten up towards bitcoin.
copper member
Activity: 56
Merit: 1
November 05, 2024, 01:24:48 AM
#6
I would like to know the proposal because I haven't find it after making some research.

Digital_currency is not a crypto, which are a form of current money, but they are digital, completely centralized, and do not have to be on the blockchain.  So if the above quote is the only update, then nothing has changed.
You're correct, Pakistani government is talking about CBDC, it has nothing to do with Bitcoin, it's just the writers wish for Pakistani government to allow Bitcoin. Of course Pakistan need to amendments their regulations because it doesn't make any sense if they reject their own currency.

CBDC is on the minds of many countries nowadays, as far as I've heard about it.
If that's true, then, yeah, BTC would still be out of the picture to take a positive change in a stance in Pakistan and other countries too.
hero member
Activity: 742
Merit: 633
November 05, 2024, 01:19:44 AM
#5
I would like to know the proposal because I haven't find it after making some research.

Digital_currency is not a crypto, which are a form of current money, but they are digital, completely centralized, and do not have to be on the blockchain.  So if the above quote is the only update, then nothing has changed.
You're correct, Pakistani government is talking about CBDC, it has nothing to do with Bitcoin, it's just the writers wish for Pakistani government to allow Bitcoin. Of course Pakistan need to amendments their regulations because it doesn't make any sense if they reject their own currency.
legendary
Activity: 2688
Merit: 3983
November 05, 2024, 12:52:09 AM
#4
The author of the article deliberately ignored the difference between digital currencies[1] and cryptocurrencies. The text source says:

Quote
According to a report from The Express Tribune, government sources said that digital currency was being added to the SBP Act for the first time.

According to the sources, the SBP has regularly rejected digital currency proposals and issued warnings against their use until now.

The new amendments propose that digital currencies can be issued by the SBP as well as traditional finance. This would allow the central bank in Pakistan to manage the country’s money “in physical or digital or both forms.”

Digital_currency is not a crypto, which are a form of current money, but they are digital, completely centralized, and do not have to be on the blockchain.  So if the above quote is the only update, then nothing has changed.

[1] https://en.wikipedia.org/wiki/Digital_currency
full member
Activity: 462
Merit: 196
November 05, 2024, 12:20:47 AM
#3
This just shows that even though a country has written off bitcoin, it doesn’t mean it can’t change. What other countries do you hope to reconsider their laws about bitcoin and crypto at large? China comes to mind first seeing how strong and largely popular was crypto there.

believe me that most countries that looks uninterested in keying into Bitcoin adoption are doing so just because of other countries that are still skeptical about Bitcoin.

Like my country for instance, the only reason why they seems to be against Bitcoin and crypto in general and hasn't made an official statement allowing it full and unsensored operation is due to the devaluation of her local currency that they tend to attribute to be caused by Bitcoin users that are carrying out p2p transactions and fixing individual rates by themselves. If the local currency gains value and some of the world powers like China, Russia and the United States keys into adopting Bitcoin as her reserve, my country will easily have a u turn on the way they look at Bitcoin. In terms of popularity and the Numbers of holders, at least 20% of citizens already know about the functionality of crypto and that's fair enough to start with.
sr. member
Activity: 602
Merit: 387
Rollbit is for you. Take $RLB token!
November 04, 2024, 10:47:05 PM
#2
This just shows that even though a country has written off bitcoin, it doesn’t mean it can’t change. What other countries do you hope to reconsider their laws about bitcoin and crypto at large? China comes to mind first seeing how strong and largely popular was crypto there.
Bitcoin blockchain is decentralized and most secure so that Bitcoin transactions are irreversible.

Bitcoin adoption has been increasing and has been better than ever. Fortunately and importantly, this adoption growth of Bitcoin is irreversible too. It causes unavoidable trend globally that nations have to join the trend if they don't want their countries are falling behind what they can not ban. They can make Bitcoin illegal in their countries but citizens there will continue to use bitcoin. So at the end, these governments are losers by wasting opportunities to gain more money in tax from their citizens.

So it's time for change, to legalize Bitcoin in their countries.

It's time to spread the Orange color (a traditional iconic color for Bitcoin) on the global map.
https://newhedge.io/terminal/bitcoin/legality-map
full member
Activity: 2548
Merit: 217
November 04, 2024, 09:56:02 PM
#1
Quote
Pakistan has moved to legalize crypto, marking a major shift in its financial policy, which has historically labeled digital assets such as Bitcoin and Ethereum as illegal tender.

The federal government has proposed amendments to its State Bank of Pakistan (SBP) Act, allowing the SBP to issue the country’s money in digital currency.
read here

In 2023, Pakistan was very firm on their stance about crypto. They promoted the idea that using cryptocurrencies allows for illegal activities and therefore will not be encouraged and anyone to use cryptocurrencies will not be protected by the government. But now we see that they seem to be getting more lenient with crypto probably after seeing many countries adopting bitcoin and reaping rewards.

This just shows that even though a country has written off bitcoin, it doesn’t mean it can’t change. What other countries do you hope to reconsider their laws about bitcoin and crypto at large? China comes to mind first seeing how strong and largely popular was crypto there.
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