Topic: Pakistani Central banks wants to ban crypto - page 2. (Read 439 times)
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.
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, see this excerpt below:
Full news: https://cointelegraph.com/news/pakistan-s-central-bank-reportedly-wants-to-ban-crypto
Quote
The State Bank of Pakistan (SBP) is reportedly seeking to ban all cryptocurrency transactions in Pakistan.
I know there's prolly no way Bitcoin can become the most used currency in the world in place of Fiat, and I know quite a lot of people are of the view that the government do not actually feel threatened by Bitcoin, but personally I think they are, they are mostly worried by the "be your bank" option Bitcoin offers its users, and it's something quite a lot of people are starting to understand its importance, and I also believe CBDC's were launched in reaction to the growth of Bitcoin, to convince people that it's a digital currency like Bitcoin, which it's not. They also plan to impose sanctions on crypto exchanges, see this excerpt below:Quote
The Pakistani central bank reportedly urged the court not only to ban cryptocurrency activity but also to impose penalties against crypto exchanges.
I believe all of this is just a calculated attempt to forestall Bitcoins growth and development, but just as has been the case in previous scenarios of Bitcoin ban, it would prolly only have an ephemeral effect on the price of Bitcoin, but in the long run would be inconsequential. What do you think would come out of this?Full news: https://cointelegraph.com/news/pakistan-s-central-bank-reportedly-wants-to-ban-crypto
It seems like something natural for an overbearing government to do and likely comes back to tax revenue, but a lot of extremist activity takes place in certain regions of Pakistan as well. Bitcoin has many good uses but it can be abused by criminal elements as well, to transfer funds around which could be used to attack private citizens or even the government in various ways. The tax system in Pakistan will also be a mess because so much work is carried out on a cash only basis, so the government are probably trying to capture a bit more revenue that would be taking place electronically. For certain countries like this one, it's a difficult decision to weigh up the pros and cons of cryptocurrency.
Well this is what I am thinking too --it could be bitcoin used in terrorist activity and I think the government of Pakistan trying to control their people's money. Perhaps in the end, --Pakistan will understand how bitcoin will work and even though traditional money can be also used in terrorism.
However, I don't think this will have a huge effect, Pakistan has a small country. Look at China, they even don't have an impact to the price and I think this is nothing.
Right from time the government has always believed that cryptocurrency can be used to fund terrorism. But, does banning cryptocurrency really bring a solution to the problem that they are having now? Because even if the government bans cryptocurrency, since it is decentralized, there will still be a way for people to continue making use of it.However, I don't think this will have a huge effect, Pakistan has a small country. Look at China, they even don't have an impact to the price and I think this is nothing.
And if there are people who are really making use of it to fund terrorism, don’t you think that they would still continue with such acts? Maybe they should look more into how they can prevent such from happening by capturing those that might be involved in such act. I don’t really think that banning cryptocurrency is the solution.
They are quite late on trying to impose such bans on crypto since their neighbor India is trying for the longest time.
My guess is that the court will issue an order to further study the matter and maybe propose it as an investment asset.
My guess is that the court will issue an order to further study the matter and maybe propose it as an investment asset.
...
and government/banks have no rights to ban it.
They can issue a banking ban on any form of currency other than fiat and there's nothing you can do about it.and government/banks have no rights to ban it.
Some are not really well-informed why they are banning crypto. We don't know to what extent their government officials know about bitcoin or crypto. But I believe, it will take time before they will change their stance on crypto. Maybe, for now, they are against with crypto but only time will tell if they will change their minds towards crypto. If they are seeing neighboring countries to be more friendly with crypto, they may again reconsider this decision.
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. 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.
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 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.
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.
Pakistan doesn't have a big effect on bitcoin, so this news is nothing...
but if the US says they will ban crypto then the crypto market will surely falter for a while. It's not good if a country considers cryptocurrency as an enemy because in the future when mass adoption occurs, they will be like licking their own saliva.
For the Asian region, China's crypto ban has managed to get the market corrected some time ago, but I'm not sure how much of the crypto user base is in Pakistan that the market will have an impact. If Pakistan does not have enough crypto holders, then they cannot influence the market on a large scale. But unlike western countries, you will only see a market dump when one of them announces a crypto ban.but if the US says they will ban crypto then the crypto market will surely falter for a while. It's not good if a country considers cryptocurrency as an enemy because in the future when mass adoption occurs, they will be like licking their own saliva.
Governments try to againts crypto because they realize that most people will have their own bank with crypto, it will create competition between banks and crypto. The growing user base of crypto makes government "banks" start thinking about how they can get investors or customers. But clearly not everyone is interested in using crypto as a place to store money so maybe they will get some support for his proposal. But it would be much more profitable if they just regulate, not ban it.
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.
lately there have been so many bans on the world, both from several countries and from companies such as the central bank like what was done by Pakistan but for me it is not affected by the ban they are only able to ban bitcoin but not able to eliminate circulation bitcoin in various areas this is because bitcoin is very difficult to get rid of they can only ban their citizens or people associated with the company, we hope they don't ban bitcoin for some time now
Noticed that from Cointelegraph, it seems they are following China's footprint. If my memory serves correctly, many times heard that Pakistan going to ban cryptocurrency. The government could announce it as an illegal asset. But they can't prevent you from using cryptocurrency. Due to the decentralized behavior of the cryptocurrency still, people can use it. Do you think China citizens haven't been using cryptocurrency? I don't think so. Banning cryptocurrency means governments don't want to get tax from you. That's what I believe.
Think the headline of the news is kind of shows bad journalism as it is not started that Pakistan has banned cryptocurrency rather it trade which is the same as not being allowed to be used for payment of goods and services within the country which is normal and is expected from such country just to protect the Central currency from totally failing into high inflation, but the citizens can still hold Bitcoin and will transact in cryptocurrency without any state punishment for using bitcoin. So the citizens are free to own and use crypto.In case you are unaware, the banning of crypto always starts as regulation. Then the regulation ends up going too far, usually ending up in an outright ban. If you immediately ban crypto, the potential economic ramifications aren't worth the short term gains of forcing citizens to use the country's currency -- ie, if the US or China were to ban crypto, some portion of their economy would suffer given the amount of growth that can be attributed to the crypto sector (an insignificant portion, nonetheless, but still). Pakistan I wouldn't imagine serves as a hub for the crypto sector -- my point only being that initial regulations inevitably result in a ban.
Seriously that's very bad, but am still suprise why all this countries are still avoiding cryptocurrency I believe they are just wasting there time trying to ban bitcoin because it can't stop bitcoin from growing and am sure people in the country will still be using cryptocurrency but it's no more legal is now illegal. I believe what government is suppose to do now is just to adopt bitcoin and cryptocurrency in general so that they will stop there selfs from unnecessary stress.
^ I suspected that it is against their religion which is they think BTC is a form of gambling and gambling is strictly prohibited by them.No one will care if they will ban BTC, there are too many Muslim countries doing the same like this but later on, they will unban BTC and remain silent on this. Probably after a year, they will realize how potential BTC has when it comes to gaining profit, it will probably want to ban crypto because of possible terrorism activities which are BTC is easy to use that kind activity. However, let them be, sooner or later we will not surprised they will announce again they accepted bitcoin as a legal tender.
as for the china ban of summer 2021
guess what happened afterwards in october 2021
https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372
and in late november
https://www.ndrc.gov.cn/hdjl/yjzq/yjfk/cyjgtzzdml/202111/t20211130_1306450.html
so its not quite over and finished. they are atleast willing to listen to opinions to change the ban
then there is stuff like this said in december
http://js.news.cn/2021-12/21/c_1128184764.htm
in short, big farms. or residents that steal electric are "illegal" but residents that dont steal electric are not restricted although would be monitored to catch them if they steal electric
followed by
guess what happened afterwards in october 2021
https://hd.ndrc.gov.cn/yjzx/yjzx_add.jsp?SiteId=372
Quote
In accordance with the relevant work arrangements for the rectification[banning] of virtual currency "mining" activities, the National Development and Reform Commission and relevant departments have revised the "Industrial Structure Adjustment Guidance Catalog (2019 Version)", and are now open to the public for comments.
The public consultation period is from October 21, 2021 to November 21, 2021. Relevant units and people from all walks of life can provide feedback through the following channels and methods.
The public consultation period is from October 21, 2021 to November 21, 2021. Relevant units and people from all walks of life can provide feedback through the following channels and methods.
and in late november
https://www.ndrc.gov.cn/hdjl/yjzq/yjfk/cyjgtzzdml/202111/t20211130_1306450.html
Quote
In accordance with the relevant work arrangements for the rectification of virtual currency "mining" activities, the National Development and Reform Commission and relevant departments have revised the "Industrial Structure Adjustment Guidance Catalog (2019 Edition)", which will be released from October 21 , 2021 to 20.21 On November 21 , 2018 , it was open to the public for comments. During the public consultation period, relevant enterprises, industry associations, research institutions and the public put forward valuable opinions and suggestions through website messages, etc., and we will study them carefully with relevant parties. Here, I would like to express my gratitude for the concern and support from all walks of life!
so its not quite over and finished. they are atleast willing to listen to opinions to change the ban
then there is stuff like this said in december
http://js.news.cn/2021-12/21/c_1128184764.htm
Quote
On October 12 this year, we received the first batch of monitoring lists for virtual currency 'mining' handed over by our superiors. After verification, the current IP issues reported are all personal behaviors." A person in charge of the prefecture-level development and Reform Commission said that the superior department notified The object of rectification is "mining" projects, which are required to be included in the elimination category, but there are no specific requirements for personal "mining" behavior.
"The four households we screened out are also residential users, but as long as they do not steal electricity or owe electricity bills, we cannot take restrictive measures against them except for continuous monitoring.
"The four households we screened out are also residential users, but as long as they do not steal electricity or owe electricity bills, we cannot take restrictive measures against them except for continuous monitoring.
in short, big farms. or residents that steal electric are "illegal" but residents that dont steal electric are not restricted although would be monitored to catch them if they steal electric
followed by
Quote
The interviewed experts generally expressed support for the supervision method of the separation of "chain" and "coin", believing that while cracking down on virtual currency, it is necessary to protect and develop digital technologies such as blockchain technology. China has the advantages of massive data and rich application scenarios, and has broad application prospects in the future. However, how to keep relevant industries from deviating and falling into the track of illegal financial activities, how to clarify the boundaries of rights and responsibilities of all parties, and improve the big data governance system are also future supervision. focus.
Quote
Several interviewed experts, including Mao Haijun, dean of the School of Transportation at Southeast University, put forward suggestions: First, define the legality of personal (family) virtual currency "mining" behavior, and clarify which behaviors should be included in the scope of rectification.
The second is to unify the goals of supervision, clarify the boundaries of rights and responsibilities, and solve the problems of asynchronous work in a timely manner. At the same time, carry out regulatory exploration and innovation, and through the joint collaboration of the power sector, telecommunications and public security departments, and through real-time monitoring of abnormal power consumption and abnormal network traffic, illegal "mining" is cracked down.
The third is to continue to protect and develop digital technologies such as blockchain technology
The second is to unify the goals of supervision, clarify the boundaries of rights and responsibilities, and solve the problems of asynchronous work in a timely manner. At the same time, carry out regulatory exploration and innovation, and through the joint collaboration of the power sector, telecommunications and public security departments, and through real-time monitoring of abnormal power consumption and abnormal network traffic, illegal "mining" is cracked down.
The third is to continue to protect and develop digital technologies such as blockchain technology
As you know crypto is becoming popular now a days, and even if Pakistani central banks wants to ban crypto, still there crypto is used by many users in Pakistan. So, it's hard to ban crypto anymore.
I agree to ban crypto, will not make people stop using crypto. As has happened in China, where the government has banned crypto several times.
But there are still many Chinese residents who use crypto, even the price of Bitcoin is not affected at all by China's ban. Therefore the same thing
will happen to Pakistan, especially since Pakistan is not as big as China. So please Pakistan central banks ban crypto, it will only harm
the country of Pakistan itself, because if the country of Pakistan legalizes crypto, more benefits can be obtained. Sometimes Pakistan does have
to take wrong decisions first to be able to realize the importance of crypto.
Pakistan doesn't have a big effect on bitcoin, so this news is nothing...
but if the US says they will ban crypto then the crypto market will surely falter for a while. It's not good if a country considers cryptocurrency as an enemy because in the future when mass adoption occurs, they will be like licking their own saliva.
but if the US says they will ban crypto then the crypto market will surely falter for a while. It's not good if a country considers cryptocurrency as an enemy because in the future when mass adoption occurs, they will be like licking their own saliva.
As you know crypto is becoming popular now a days, and even if Pakistani central banks wants to ban crypto, still there crypto is used by many users in Pakistan. So, it's hard to ban crypto anymore.
From what I know about Pakistan they are facing groups like the Taliban and surely they should be more careful about their people's money transactions because this because related to the gun or even bomb deals with these groups maybe that's the reason for their government to ban bitcoin-related transactions in their country however from what we know about bitcoin this cannot be suspended from any government so there will be not any serious problem for the bitcoiners to use bitcoin for their transactions.
Well this is what I am thinking too --it could be bitcoin used in terrorist activity and I think the government of Pakistan trying to control their people's money. Perhaps in the end, --Pakistan will understand how bitcoin will work and even though traditional money can be also used in terrorism. However, I don't think this will have a huge effect, Pakistan has a small country. Look at China, they even don't have an impact to the price and I think this is nothing.
From what I know about Pakistan they are facing groups like the Taliban and surely they should be more careful about their people's money transactions because this because related to the gun or even bomb deals with these groups maybe that's the reason for their government to ban bitcoin-related transactions in their country however from what we know about bitcoin this cannot be suspended from any government so there will be not any serious problem for the bitcoiners to use bitcoin for their transactions.
Even if the policy is passed, the market will not be too much affected. As people have said before, even though there is a ban it doesn't mean that people who use cryptocurrencies can't fully access their crypto. So this is still in the development stage and the validity test of the data comparability needs to go through various stages of ratification by amendment of the board in Pakistan. Pakistan's presence and impact on crypto don't really have much of a role to play, so we still remain optimistic that the ban will not have too much impact on the stability of the crypto market, especially Bitcoin.
That's right, because crypto is private, even we know how to access it. It is not only the central bank of Pakistan that has spoken this way, many have previously rejected it. But as we have seen so far, there is no significant effect on cryptocurrencies.You are right, it is possible for the central bank to issue a policy to ban it, but not for the existence of crypto.
it was NY state
https://govt.westlaw.com/nycrr/Document/I85908c6b253711e598dbff5462aa3db3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)
not sure why your talking about "city" to try to argue that it never happened
https://govt.westlaw.com/nycrr/Document/I85908c6b253711e598dbff5462aa3db3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)
not sure why your talking about "city" to try to argue that it never happened
That's why everyone dislikes you Franky, when you get caught saying stupid things you go and edit posts and then pretend it didn't happen and you pretend you never said the stupid things you did.
You said NYC , here is the archived version of your post:
https://loyce.club/archive/posts/5897/58979795.html
Quote
you do remember the NYC ban
Then when you realized NYC stands for the CITY as I pointed out you went back and edited your own post:
You've sunk so low I can't figure out why you're not already in Australia or at least 3/4 past the core of the Earth
I don't understand why those countries want to put a ban on crypto currencies. Banning something is not a solution. If the government is afraid that people will be using it for evading taxes or other illegal financial activities, then why not just regulate it properly? Introduce a proper regulatory framework that will allow their users to use crypto currencies legally without any issue. I am sure their government doesn't know much about how crypto currencies and blockchain works, hence instead of trying to learn about it, they are just proposing a ban without any justification. I hope they know that even after they ban it, their people will still be and will be able to use bitcoin.
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