Topic: Pakistani Central banks wants to ban crypto - page 3. (Read 439 times)

Hasn't it been a long time since the country did not legalize cryptocurrencies?
And is their focus now on making it difficult for them to make transactions from crypto proceeds to their bank accounts?
Well, if so, aren't their other alternatives to cash out without going directly from the exchanges to their bank account? And so far, of course, crypto enthusiasts in the country have also used various alternatives to continue their activities in the crypto world.
What's more, it might just be a small FUD blown out in the country, just like the FUD about "haram" crypto in my country. However, it did not have a big effect on citizens and the crypto world.

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've heard a lot of ban and are they still a thing today and do they ring a bell? I don't think so.

Let them have what they want to have and do what they have to do. That's no different from the news from China ban, India's ban and other countries that have made the same decision before.

But on this case of Pakistan, it's still a proposal and it could not be pushed if the government don't want to.

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.

They can issue a banking ban on any form of currency other than fiat and there's nothing you can do about it.

Am still suprise why people think Bitcoin is gambling, the question I always ask people is how is bitcoin gambling or how is cryptocurrency gambling? I believe cryptocurrency is just buying and selling and making profits and lost. Cryptocurrency is just like you are in the market and you are purchasing goods for yourself either to store, resell or to make use of it, since buying and selling is not gambling then cryptocurrency is not also gambling.

Same thoughts and opinion that these bans and criticisms would turns out to be positive ones or really made out some u-turns whenever they do realize off things and telling to themselves that they were actually wrong on that early phase and its true that sooner or later they would able to discover it out yet crypto awareness and popularity or adoption isnt stopping as we do go ahead in future years to come.Banks would be always having that bad impressions towards crypto and since these institutions are heavily regulated then its no surprise that they would be following on what governments
rules and regulations which it isnt surprising.

^ 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.

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.

This News is not entirely correct as there is no ban on the crypto in the country. The next Court hearing date will be 12 April, 2022 where by the ministry of finance will tell their verdict on this purposed ban by the central bank. This is for now only a proposal and the final decision will be made on 12 April.

The people of Pakistan are very furious on the announcement and they won't let his ban happen. Using crypto is a basic right for everyone and government/banks have no rights to ban it.

Bans would only make people crave for the real thing, and I'm also not sure what good it does to the country's economy. With bitcoin and crypto availability, at least people can make their own money, and perhaps do some domestic purchases to help stimulate the economy. Banning something is backwards thinking IMO, especially if there is a lot of potential to be had on it if the government takes their sweet time in studying it.

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

More surprise as banks want to ban its competitor bitcoin, when bitcoin does not need any permission from the banks or government to keep its existence. However, the adaption of bitcoin may bring the banking business to a complete end. So banks will always want people to stop using crypto and for this purpose, they may take help from the government.
No matter what they do, in the long term, no one can ban bitcoin.  

I would normally say that is nothing burger because nobody gives a shit about what Pakistan does but this time I am afraid that the other central banks might follow the Pakistani CB on this. I wonder what is it they are afraid of so much which makes them to take such rough measurements... Something must have freaked them out if they suddenly came up with this kind of regulation/law.

The old technique, which is not much affected on the market anymore, is not much affected because crypto people already know and have proof that bitcoin is already established without any government support, only community-supported things, and where bitcoin has reached today is all because of its community. Now the community understands that it does not matter whether the government supports bitcoin or not; if people know about it, they will support it.So guys, don't panic. Stay with Bitcoin. Keep believing in it. It will not let you down. One day the government will regulate it, it's guaranteed.

It is just a short time negative effect, and a positive long term on the other hand. Remember the day when China imposed on banning Bitcoin? It gave a spark, a momentum hitting new ATH, it gains more popularity. It gains more audience as they are putting it on mainstream Media. The people who doesn't know about crypto accidentally brought to the system and therefore gets curious what it is, leaving them to try it and then gets mixed with the pump and therefore boom, it goes viral again and the price surges more.

NYC is the city, bitlicense is a state license and a state government regulation.
There was never a ban on personal or on merchant transactions ever, so you're comparing apples with monkey dumps, as usual.

whatever they want to do
I don't really care whether they want to accept it or not because what I believe at this time even if they refuse, of course it will not have much effect on bitcoin's growth, especially now that their adoption is getting better and better. why should care about things like this even if they are sorted important or impossible this I don't think is important to see

you do remember the NY ban and then the bit licence era right..
yep it already happened and so no drama now.

Well, we see a lot of countries ban bitcoin but does that have any effect on bitcoin adoption? When countries as big as china announces the bitcoin ban news, the bitcoin dumps but recovers quickly. With other small countries, like Pakistani banning the cryptocurrencies, that will have absolutely no impact on bitcoins.
However, i do feel sorry for the citizens who will face difficulty trading and involve in other crypto related activities.

What I like is that there's no movement of the price after such news, even though it's natural for news about restrictive crypto bills to be followed by about a 5% decrease of Bitcoin price. Hopefully, it won't pass and people in Pakistan won't have to face a ban. As for feeling threatened, I think that apart from Bitcoin replacing banks, the governments can also be afraid of its decentralization and thus something out of their or anyone's control. But it seems that this news abut Pakistan is exaggerated, especially if it's just the position of their central bank.
I believe that it's actually important if the rules are strict and are actually enforced. Sometimes some laws exist but aren't enforced, and in that case they don't matter. In my country, for example, it's the legislation against piracy. It's illegal to download or watch movies online (excluding legal subscriptions), but pretty much everyone does it and there's literally never any punishment for this. It's so common that a friend of mine even didn't know it was illegal. But some laws are enforced and can mean big fines or even some prison time. And if something like this is introduced regarding cryptos, the majority will abandon them because it won't be worth it for them. Another significant result would be major crypto exchanges and other services being unavailable in that country because big companies don't want to break the laws of some countries and be in trouble for that.