IMF demands regularization of crypto trading in Pakistan: sources

ISLAMABAD: In their series of demands, the International Monetary Fund (IMF) has called for the regulation of crypto and other online trading, emphasizing the need to incorporate them into the tax framework of Pakistan, ARY News reported on Monday.

As the economic negotiations between Pakistan and the IMF reach their concluding stage, sources claimed that the initial aspects of the new loan program and regularization of cryptocurrency and other forms of online trading were discussed during the meeting.

Sources close to the development revealed that the IMF has demanded to regularize cryptocurrency and other online trading while urging to bring it under the tax net for additional revenue in the reserves.

READ: IMF, Pakistan likely to conclude talks today for $1.1bn tranche

During the meeting, the roadmap for privatization the institutions existed in the list were also discussed where the privatization of Pakistan International Airline (PIA) has been included in the top most priorities.

According to the sources, it has been agreed to fix the revolving credit in the power sector, Pakistan will not allow the revolving credit in the energy sector to increase.

Sources indicate that an agreement between Pakistan and IMF has been reached to cap revolving credit in the power sector with the committed to avoid escalation in revolving credit within the energy sector.