The recent news about the hardening stance against crypto in Pakistan is something that could of some concern to the people in the country.
Lets not forget that the country is in economic trouble, volatile political situation and the local currency has devalued.
According to Minister of State for Finance and Revenue Aisha Ghaus Pasha, "crypto will never be legalized in Pakistan".
And probably this has the reason. The looks to be the Sword from FATF. According to Minister, Financial Action Task Force has set a condition that cryptocurrencie will not be legalized to keep it off the international finance watchdog's so called Grey List, as per a report.
Pakistan and Gulf Economist
Crypto adoption in the country has been relatively high, with Pakistani citizens reportedly holding $20 billion worth of crypto in 2021.
I have been cashing out through crypto exchange Binance for a few times, but I don't if I could now or later be able to cash out from Binance. Don't how far the government could go about this claim, but these sort of news doesn't look refreshing.
This might be a matter of concern for millions of people in the country who are involved in crypto. I don't know what these sort of organizations like FATF want from imposing conditions on countries like Pakistan to ban crypto.
I mean they could deal with whatever issue they have with cryptocurrency by communicating and listen to the crypto community and crypto companies and come uo with something that is acceptable to both the parties.
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Well the same way crypto is been banned in Nigeria even though adoption is still on the rise.
There is no direct withdrawal with Binance unless we use P2P.
We will keep building in hive and hope that the future will be different and better.