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Pakistan Weighs “National Crypto Council” for Digital Currency Adoption
The Pakistani government has taken a cautious approach to the rapidly growing digital asset market by considering the establishment of a “National Crypto Council”. The Finance Division emphasized that any subsequent steps in this domain should align with national interest, guidelines from the Financial Action Task Force (FATF), and global financial norms. This measured stance reflects the administration’s intention to balance the novelty of cryptocurrency with the gravity of its potential impact on stability.
The legalization of digital assets can have far-reaching consequences for Pakistan’s economy and citizens. It could attract foreign investment, stimulate technological growth in the sector, and ultimately provide new opportunities for financial inclusion within the country.
For instance, a farmer based in Pakistan could utilize cryptocurrency to directly access international markets, bypassing traditional intermediaries and reducing transaction costs. Alternatively, a local business owner in a remote village could use crypto to receive payments from international clients, enabling them to participate in the global economy.
Pakistan’s journey into the world of digital assets will require a unique regulatory touch that promotes growth while maintaining consumer protection measures and preventing money laundering.
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