Pakistan Announcing conditional ban on crypto legalisation
This is not a good update for the people from Pakistan because the government has announced tiredly they will never legalize crypto in their country. After all, it is one requirement of the Financial Action Task Force (FATF). Sadly, some countries are trying to keep themselves away from technology and revolution which can empower them and give them resources to make the economy stronger. Nobody can ban cryptocurrency or blockchain and what we can do as a country is just to ban ourselves from this revolution which will surely keep the country behind innovation.
This is certainly a very bad update for people from Pakistan because now they might have to struggle with crypto transactions. I'm not sure how it is treated in the country as of now or I can say before this update but it is not legal tender there as far as I understand. If the government is not planning to make it legal but allows trading then also it is good because people will be able to buy and sell and even they can hold for any period that they like to have. Making crypto legal tender it's something that might take some time but I believe if the countries can consider it as an asset that is tradeable in the market and there should be no problem through the banks or any other institutions to enable the transactions.
They have mentioned that they can't legalize crypto in the country because of Financial Action Task Force (FATF) and if this is the case then why other countries are not talking about it? I don't know if this is the valid reason or if they are saying something else which is not making sense. India is also one of the countries where things are in a similar state because the government is considering crypto as betting.
The reality is that earning money in crypto is not easy and even there is no way to make easy money here but I don't understand why the governments do not try to understand this aspect. India is not trying to make it legal for now because they think it is highly risky but they're not saying anything that for some third-party regions they are not able to make it legal. India has already mentioned that they are not going to make it legal tender but they have also not mentioned that they are going to ban it which means they want to keep their options open unless they are clear with this. Probably crypto is not a priority for them however they do not want to miss the opportunity by applying the taxation on the crypto income.
This is not the first time when any country has come forward to announce that they are banning crypto but they're not banning it instead they are banning themselves to be part of the next Gen technology. Crypto is not just a currency instead it is also backed by blockchain technology which is highly advanced and multiple industries are exploring this technology to extend their businesses. Since we are part of the crypto market and we believe in this so I think we should not pay more attention to such news because crypto is here to stay and despite some negative publicity around it has proven that nothing is going to happen which can stop Bitcoin.
Thinking long term and ignoring such negative updates around us can help us to grow and such news does not deserve more attention. I am saying is because I have seen a lot of such updates in the past in India and now I am in a June where I don't care what the government is saying about the crypto because it is highly possible that they are not going to ban it. I do understand that they have not made it legal here but it is also not illegal and it is because they are just trying to explore all the possible options else banning it is not a big thing for them. They can do it anytime but once they do it then they are going to lose all the opportunities that might help them grow and even create more employment in the country.
This is not the first time so maybe many other countries also joined the trend because we have seen in the past when China tried to spread the rumor like this but their banning action did not affect the market. Now again sometimes we get to know that China is still working on crypto. It is really difficult to understand why such countries are trying to create this kind of atmosphere when sometimes they see that they have banned it and later on they do not follow what they said in the past.
Thank you so much
Stay Safe