Business body submits proposals for use of cryptocurrency in Pakistan ‎

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has submitted proposals for the use of cryptocurrency in Pakistan to Governor Sindh Imran Ismail, ARY NEWS reported.

President FPCCI Nasir Hayat said that they had submitted three research papers to the governor Sindh on Tuesday regarding the use of cryptocurrency.

“Pakistan currently has a cryptocurrency of US$20 billion,” he said adding that they had suggested proposals regarding encashing the currency within Pakistan.

The development came days after Information Minister Fawad Chaudhry dismissed any early chances of allowing the use of digital currency in the country.

Bringing clarity on the use of cryptocurrency in the country, Federal Minister for Information Fawad Chaudhry said that there are no chances of Pakistan legalizing digital currency anytime soon.

“There are no guarantees behind the currency and we cannot allow the use of any digital currency just on the basis of its trust level in the market,” he said.

While citing another reason behind not allowing the use of crypto in the country, Fawad Chaudhry said that the level of fluctuation in the cryptocurrency is unprecedented globally.

“We are also bound through FATF conditions to refrain from allowing any such mode of payment in the country,” he said. The information minister, however, added that ultimately the world has to move towards the mechanism of digital payments.

In 2018, the State Bank of Pakistan (SBP) warned the commercial banks and general banks against the use of cryptocurrencies like Bitcoin or Litecoin.

According to a notice issued by the central bank, cryptocurrencies like Bitcoin, Litecoin, Pakcoin. OneCoin, DasCoin and Pay Diamond are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange, or investment in any such virtual currencies or tokens in Pakistan.