Pakistani Central banks wants to ban crypto

virasog

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Quote from: Cookdata on January 17, 2022, 08:32:47 PM

Government this, government that, blah blah with their threat wouldn't destroy bitcoin capitalization. See, I know if they allowed crypto (bitcoin) in the country, it will facilitate adoption but there rejection has nothing to play.
It happened here in my country and the works still moving fine, Infact the have adopted p2p more rapidly than the previous way of banking financing their deposit and withdrawal.
What is require of them is to discard anything that has to do with crypto transaction on their local bank account and Pakistans are good to go to their bitcoin normal life.

If you use P2P for Bitcoin buy and sell and if you are careful enough not to mention the reason of transaction as bitcoin transaction, then it would be impossible for the government to track you.
Also do not make big transcations so that you are not get noticed of any irregular behavior with your bank account.

Cookdata

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Not Your Keys, Not Your Bitcoin

Government this, government that, blah blah with their threat wouldn't destroy bitcoin capitalization. See, I know if they allowed crypto (bitcoin) in the country, it will facilitate adoption but there rejection has nothing to play.
It happened here in my country and the works still moving fine, Infact the have adopted p2p more rapidly than the previous way of banking financing their deposit and withdrawal.
What is require of them is to discard anything that has to do with crypto transaction on their local bank account and Pakistans are good to go to their bitcoin normal life.

gabriellopessinc

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Ok! podem banir, desde que não proíba os visionários (que estão sempre de olho a novas oportunidades) de se disponibilizar para investir o dinheiro dos paquistaneses em outras nações liberais (eu cobraria um valor baixíssimo para isso). Às vezes olhar para além da cultura local nos proporciona a expectativa de aumentar nossas riquezas em um espaço de tempo mais curto do que imaginamos quando nos limitamos ao padrão cultural de investimento local.

Ouse olhar por cima do muro que os cercam. Pode haver ouro palpável do outro lado.

english:

OK! can ban, as long as it doesn't forbid visionaries (who are always on the lookout for new opportunities) from making themselves available to invest Pakistanis' money in other liberal nations (I would charge a very low price for that). Sometimes looking beyond the local culture provides us with the expectation of increasing our wealth in a shorter period of time than we imagined when we limited ourselves to the cultural pattern of local investment.

Dare to look over the wall that surrounds them. There may be palpable gold on the other side.

molsewid

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Quote from: SmokerFace on January 16, 2022, 07:20:39 PM

Bitcoin isn't banned all over Pakistan. However, it's still legally used in most Pakistani provinces, such as Sindh. I suggest you watch Waqar Zakah videos on Facebook. He stands against the government of Pakistan through the High Court and wins the case. The government of Sindh makes cryptocurrencies legal after assuming their benefits. I don't know where you're living in Pakistan but at least check the videos of Waqar Zakah how he fights against the government and wins the case.

Glad to know that, I didn't encounter this kind of news but because of this forum I know about it and if ever it is true that Pakistani Central banks wants to van crypto this would be of course one of the negative news that I am sure would affect bitcoin market value, I'm not sure if it greatly affects but it would still give a negative feedback. So, glad to know that you have shared it here in forum mate, at least we know some piece of positive news about it.

lalabotax

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Quote from: Coyster on January 13, 2022, 08:17:29 AM

The Pakistani government is the latest country to propose a ban on crypto,

I must ensure this "the government or central bank exactly?"
It means that the citizens may not be able to do all types of crypto industries and will get some punishment when they are doing this?
Or they only cannot cash out their money from the crypto exchange directly?
Well, actually some countries are still doing this, but in fact, far, it will not stop the citizen to work in the crypto world. Because they need money and they feel difficult to get any job and money in the real world. That is why many more citizens will prefer to work in the crypto industry.

Quote from: SquallLeonhart on January 16, 2022, 11:44:35 AM

Governments by now should be seeing the good of cryptocurrency, especially Bitcoin, with all the achievements that have been made so far and how these cryptocurrencies has been able to benefit us.

In fact, not all countries will understand about this, moreover, if there are more political issues or interests. They will probably don't like or legalize crypto because of certain interests, beliefs, and others. Negative issues will be always over there, and many more other governments and citizens believe in that negative issues. Well, it may be a matter of time. Because whatever happens, crypto is unstoppable.

SmokerFace

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Bitcoin isn't banned all over Pakistan. However, it's still legally used in most Pakistani provinces, such as Sindh. I suggest you watch Waqar Zakah videos on Facebook. He stands against the government of Pakistan through the High Court and wins the case. The government of Sindh makes cryptocurrencies legal after assuming their benefits. I don't know where you're living in Pakistan but at least check the videos of Waqar Zakah how he fights against the government and wins the case.

SquallLeonhart

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Quote from: Coyster on January 13, 2022, 08:17:29 AM

The Pakistani government is the latest country to propose a ban on crypto, I know it's a possible ban that will affect crypto in general, but to be honest I'm pretty sure Bitcoin is definitely their main target in all of this as it's the crypto that most governments see as a "threat" to their complete dominance over their citizens financial activities

While a lot of countries are trying as hard as possible to move forward, it is quite unbelievable that there are still a few of them who have decided to be moving backwards. At this point in time I am not really expecting to be seeing news that has to do with banning cryptocurrency, because I thought that it was so last year.

Governments by now should be seeing the good of cryptocurrency, especially Bitcoin, with all the achievements that have been made so far and how these cryptocurrencies has been able to benefit us. Instead of them banning Bitcoin or crypto currencies, they should have instead studied it and know ways that it is going to benefit them and how they would allow it to function in their countries.

so98nn

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They should not be looking after crypto at all because their prime minister himself declared that Pakistan is almost sank into the economical burden and is now in full debt. The friendly nation that is China is taking full advantage of this situation and pulling any schemes they could on the pakistan. I think this is mind gobbling situation for the Prime minister Irfan Khan.

In such hardship, I would say pakistan should be staying way out of the crypto currencies. They simply can't handle the extra burden from the crypto sales that may happen within the country.

Crypto is all set to free you but for this to happen the countries economical situation has to be in perfect conditions. Imagine all the peeps in pakistan start using the crypto suddenly and all the banks need to pay back for what they sold. Would go crazy.

yazher

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Quote from: LeGaulois on January 13, 2022, 09:42:04 AM

Who cares if this or that country decides to ban Bitcoin?
It won't change anything, except that the people who are in it only for the speculation will get out. Which is not so bad in the end. It's like during a crash when the weak hands pull out of the market.

This will become an opportunity for others when they see some countries banning bitcoins and the people are rushing to sell their bitcoins at low prices, others will take advantage of that and buy their BTC. Those who are weak to take care of their feelings when something like this will happen is meant to lose the opportunity to others. If the price will crash because of this, then I will be the first to buy their BTC because I already know that it will gonna pump up next time.

Reatim

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Quote from: pushups44 on January 16, 2022, 01:58:31 AM

If true that is unfortunate for the Pakistani people, but no one ever thought the Pakistan government was progressive or open to decentralized technologies.

The one will suffer here are the people lives in that country Pakistan had developed constant growth in their technology.

Quote

One of the consequences to the growth of blockchain technology - decentralized by nature - is that central authorities despise it, but by trying to censor or ban it, they perpetuate poverty among those they control.

It is their country and their rules, people has nothing to do but to follow and just show their main objective.

Quote

So there will eventually be a backlash over this policy. They will eventually have to come to terms with technological innovation.

Eventually they will make new forms for their innovation , i know that the world including pakistan is going to more technological sooner.

pushups44

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If true that is unfortunate for the Pakistani people, but no one ever thought the Pakistan government was progressive or open to decentralized technologies. One of the consequences to the growth of blockchain technology - decentralized by nature - is that central authorities despise it, but by trying to censor or ban it, they perpetuate poverty among those they control. So there will eventually be a backlash over this policy. They will eventually have to come to terms with technological innovation.

btc78

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They can ban Bitcoin or crypto whenever they wanted but will this really effect the market? i mean the whole cryptocurrency market? Pakistan is not that big country to really take a bad effect in the circulations .
and also we are here to support crypto and if we will go together then this cannot take huge effect in our precious market here.

Quote from: Anonylz on January 14, 2022, 01:39:07 PM

They will end up like China and soon their threat will hold no value, it will only end up as empty threat, the crypto community am sure are already tired of this constant banning threat from all this government, while they are plotting on how to ban crypto new adoption are coming into it, they can't stop crypto existence and continuous usage, it has already elude them.

Nope they will never like china because the market of Pakistan in crypto is very tin compared to the market of china in crypto specially in Bitcoin .

romero121

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Quote from: Coyster on January 15, 2022, 03:38:41 PM

Quote from: peterpanda on January 15, 2022, 02:58:08 PM

Yeah Bitcoin is spreading all over the world. Banning Bitcoin on Pakistan will not be a big problem on the price of Bitcoin. Many countries are accepting Bitcoin in daily life. After all it's a bad news for Bitcoin lovers from Pakistan.

Of course Bitcoin is gaining more and more popularity as the influx of individuals and institutional investors into the network continues, but I don't believe that countries/governments are accepting Bitcoin (and for now it is yet to really matter), quite a lot of them are imposing as well as proposing one sanction/ban/regulation or the other, they somewhat do not like its decentralized nature, and the ability of Bitcoin users to be their own bank and control their funds, that's why many countries are proposing to ban Bitcoin usage in their country, by the way, for now we're yet to experience any sanction that has really affected the Bitcoin network massively, we'll see how things pan out going forward.

Governments doesn't want things to be decentralised. For the purpose countries keep issuing statements of developing their own cryptocurrency. That is not a cryptocurrency, but digital cash. Over the past years we've seen more countries making ban and further taking into consideration for regulation. One being India, which is something similar to Pakistan. So, all that steps taken by these countries are to tackle the present situation. Even if these banks stop supporting, people who are used to it will find alternate ways.

Shasha80

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Quote from: virasog on January 15, 2022, 03:11:43 PM

Quote from: Kelvinid on January 14, 2022, 05:54:18 PM

Quote from: Argoo on January 14, 2022, 03:24:40 PM

We have repeatedly seen that the prohibition of cryptocurrencies in a single country or even several countries cannot affect the spread of cryptocurrencies in the world. Pakistan has previously been hostile to cryptocurrencies. Therefore, the prohibition of cryptocurrency in this state will change practically nothing for the cryptocurrency market.
It will be bad for cryptocurrency if such a decision is made, say, at the G20 summit. If the ban exists in all these states, then the situation for the cryptocurrency will even be difficult to predict.

Perhaps, Pakistan is just like nothing...we are supposed not to worry in the first place, and besides, they are not helping anyway. Banning crypto in their place is not a loss on our side. Cryptocurrencies will continue to grow without them and in fact, even China never has a huge impact on the market.

I know they have the reason for banning crypto in their place and it was respected. This will simply tell us that the spread of crypto is full of challenges, we can't force all the countries to adopt the system, and they also have the right to reject this.

We need to first know how much crypto is being used currently in Pakistan and how many people are aware of it in the first place. If only 1 - 2% of the total population knows about the crypto, then it will not make any impact within or outside the country.
However, it will stop the adoption of bitcoin in the country and it will not be healthy for the citizens.

What the Pakistani government does if it bans crypto will not have a big impact on the crypto market. But it is the Pakistani population themselves
who will be harmed, where crypto is proven to be able to improve economy. Especially in the current global economic crisis, looks like
the Pakistani government should rethink to ban crypto. I think most likely the Pakistani government doesn't really understand crypto yet,
because if they already understand crypto, it is impossible to make that decision. After all, crypto has proven to be able to provide benefits for its users.
But I'm sure the Pakistani government will not forever ban crypto, in the end they will change their minds if they see many other countries starting
to legalize crypto. So Pakistanis really have to be patient for now, after all, Pakistanis can still own crypto. Because there are many ways
to have crypto, even though the Pakistani government forbids it. This also applies to Chinese citizens, which the Chinese government prohibits
crypto, but there are still many Chinese residents who own crypto.

Coyster

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Quote from: peterpanda on January 15, 2022, 02:58:08 PM

Yeah Bitcoin is spreading all over the world. Banning Bitcoin on Pakistan will not be a big problem on the price of Bitcoin. Many countries are accepting Bitcoin in daily life. After all it's a bad news for Bitcoin lovers from Pakistan.

Of course Bitcoin is gaining more and more popularity as the influx of individuals and institutional investors into the network continues, but I don't believe that countries/governments are accepting Bitcoin (and for now it is yet to really matter), quite a lot of them are imposing as well as proposing one sanction/ban/regulation or the other, they somewhat do not like its decentralized nature, and the ability of Bitcoin users to be their own bank and control their funds, that's why many countries are proposing to ban Bitcoin usage in their country, by the way, for now we're yet to experience any sanction that has really affected the Bitcoin network massively, we'll see how things pan out going forward.

virasog

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Quote from: Kelvinid on January 14, 2022, 05:54:18 PM

Quote from: Argoo on January 14, 2022, 03:24:40 PM

We have repeatedly seen that the prohibition of cryptocurrencies in a single country or even several countries cannot affect the spread of cryptocurrencies in the world. Pakistan has previously been hostile to cryptocurrencies. Therefore, the prohibition of cryptocurrency in this state will change practically nothing for the cryptocurrency market.
It will be bad for cryptocurrency if such a decision is made, say, at the G20 summit. If the ban exists in all these states, then the situation for the cryptocurrency will even be difficult to predict.

Perhaps, Pakistan is just like nothing...we are supposed not to worry in the first place, and besides, they are not helping anyway. Banning crypto in their place is not a loss on our side. Cryptocurrencies will continue to grow without them and in fact, even China never has a huge impact on the market.

I know they have the reason for banning crypto in their place and it was respected. This will simply tell us that the spread of crypto is full of challenges, we can't force all the countries to adopt the system, and they also have the right to reject this.

We need to first know how much crypto is being used currently in Pakistan and how many people are aware of it in the first place. If only 1 - 2% of the total population knows about the crypto, then it will not make any impact within or outside the country.
However, it will stop the adoption of bitcoin in the country and it will not be healthy for the citizens.

peterpanda

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Quote from: Dhaniii on January 15, 2022, 10:30:23 AM

the banning of bitcoins in several countries and now that the central bank of pakistan wants to try to ban cryptocurrencies, I'm only limited to issues that try to influence the current bitcoin market price. although it is true that the bitcoin ban in Pakistan has not had much of an effect on bitcoin's recent growth. because bitcoin is worldwide and many other countries are trying to make bitcoin a legal medium of exchange.

Yeah Bitcoin is spreading all over the world. Banning Bitcoin on Pakistan will not be a big problem on the price of Bitcoin. Many countries are accepting Bitcoin in daily life. After all it's a bad news for Bitcoin lovers from Pakistan.

Dhaniii

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https://i.imgur.com/hgxNNiA.png

the banning of bitcoins in several countries and now that the central bank of pakistan wants to try to ban cryptocurrencies, I'm only limited to issues that try to influence the current bitcoin market price. although it is true that the bitcoin ban in Pakistan has not had much of an effect on bitcoin's recent growth. because bitcoin is worldwide and many other countries are trying to make bitcoin a legal medium of exchange.

masterrex

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This is not good, I think the Pakistani government will follow in the footsteps of its close ally China, It has been a big blow to the Pakistani crypto community and I think there will be some consequences of that decision and it might cause some civil disobedience coming from the affected cryptocurrency users and investors in Pakistan that's why Im hoping that the court decision will favorable to the Pakistani crypto community.

Hypnosis00

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Quote from: pinggoki on January 15, 2022, 06:18:19 AM

I wouldn't worry too much about East Asian regions banning bitcoin or crypto in general because there's not that much change that they can create in the market even if they do, India has been having an ban and unban status with bitcoin and crypto for awhile now and so far, there's not much that has change when they do this so I don't worry that Pakistan joins the fray.

Perhaps, we don't need to worry about it, they are just small market players, if they will leave and ban crypto this never have a huge impact on the market, we never felt it in general.

Anyways, we can't expect that all countries will adopt crypto, some will remain doubtful about Bitcoin. But I'm going to say that sooner they will realize that crypto has played an important role in this new era which could change their approach to crypto and embrace the system. It can be just now as they don't understand about this, they'll ask for some time to think about it.

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