It would no longer be right to think that the cryptocurrency industry is only limited to the first-world and second-world countries. There are several third-world countries such as India, Iran, and Bangladesh that have already started gaining on the crypto-blockchain technology.
When it comes to adopting crypto-blockchain technology, Pakistan is also trying its best to become a member of the crypto-friendly countries’ group. In the past, many developments have been made in the Pakistani cryptocurrency industry.
So far, the cryptocurrency-blockchain industry has not been able to gain any status in the country. However, the government as well as the opposition are considering in bringing the crypto-blockchain industry onboard.
So far, the only legal information that has been gathered surrounding the crypto-blockchain industry in the country is that the State Bank of Pakistan (SBP) had banned cryptocurrencies in the country.
It was the beginning of January when the Sindh High Court summoned the higher-ups of the SBP to comment on the situation of cryptocurrencies. It was at that time when it was revealed by the State Bank of Pakistan that cryptocurrencies have not been banned in the country.
Therefore, the Government of Pakistan has started making vast amount of progress and developments in the cryptocurrency adoption sector. It has been expressed by the Pakistan Government that bringing cryptocurrency technology into the financial infrastructure of the country is on its highest priority.
In order to take care of the above, the Government of Pakistan is trying its best to legalize cryptocurrency custodies and mining in the country at the earliest.
The member of the provincial assembly from KPK province Sumera Shams shared the recent developments in crypto-adoption through Twitter. She stated the provincial assembly body has already voted in favor of legalizing cryptocurrency mining in the country.
KPK is one of the major provinces in Pakistan that has been making a lot of developments and introducing many advancements for the country. The province is located in the northern region of Pakistan and has become a driving force for the entire country in the past few years.
The Chief Advisor to the Science and Information Technology Minister in KPK, Zia UllahBangash has revealed some very promising outcomes. He revealed that according to the recent voting conducted in the province, it has been established that the majority of the people are ready to welcome cryptocurrency mining.
The Government of Pakistan has already made a draft for the legislation of legalizing cryptocurrencies in the country. The Government is of the opinion that cryptocurrencies will prove to be the future of financing in the country.
The country’s youth is well-aware of the potential of cryptocurrencies and will find it to be the best opportunity to make money from the industry.