Pak Govt accelerates the pressure for adoption of Cryptocurrency: Report | Einsmark news

Islamabad, July 30 (PTI) The Pakistan government is ready to quickly detect the acceptance of cryptocurrencies for banks, foreign exchange companies and gold trade, according to a media gear. The discussions on the matter took place on Tuesday at a high -level meeting, which aimed to integrate virtual currencies into the financial system. The meeting of the Pakistan Crypto Council (PCC), CEO, Bilal Bin Saqib, has a submission on the use of virtual currencies in Pakistan, the Dawn newspaper reported. In May, SAQIB was appointed as the special assistant of the Prime Minister on Blockchain and Cryptocurrency, with the status of a state minister. “We have been told that the cryptos are the future currency for the changed economic world,” a banker quoted on condition of anonymity. Participants in the meeting said it seemed as if the government was in a large scale of cryptocurrencies and to make it part of the economy as soon as possible, the newspaper states. Some raised questions about the high level of risks, but Saqib played the speculative risks. Although cryptocurrencies have been in fashion for years, most central banks around the world have kept away from any attempts to regulate it. On July 9, the Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, said they were preparing to launch a pilot for a digital currency, and that their legislation was finalizing to regulate virtual assets. The SBP and Finance Division is currently working on the Pakistan Crypto Council to develop an appropriate legal and regulatory framework for virtual assets. “The risks are still high as the prices of cryptocurrencies with a wide margin vary, such as Bitcoin prices can rise from $ 35,000 to $ 70,000,” a financial expert said. However, he claimed that both the SBP and the government were ready for crypto transactions. Banks, foreign exchange businesses and gold traders were informed on Tuesday about the benefits of such currencies. Participants in the meeting were told that the central banking would issue licenses for crypto trading banks and other financial institutions. One banker hinted at the possibility of opening field offices in major cities to make virtual assets easily accessible and promote virtual transactions. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or brokerage companies, … more