Another country is preparing to ban cryptocurrencies
The Central Bank of Pakistan and government officials have started working to ban the use of cryptocurrencies.
A new one has been added to the consecutive cryptocurrency bans from China, India and Russia. In Pakistan, the fifth most populous country in the world with a population of more than 210 million, it has been revealed that the government has started working to ban cryptocurrencies.
According to the information provided by local news channel Samaa.tv , the lack of a law regulating the use of digital currencies in the trade sector has brought with it the problem of lack of control. The commission established within the Central Bank of Pakistan, with the decision of the Sindh High Court, which is conducting an investigation, has prepared a report to the court on the legal status of cryptocurrencies.
“Cryptocurrency can be used to finance terrorism”
With the decision of the high court in October, the Pakistani government started working to bring legal regulation to the crypto money sector. The commission established within the Central Bank of Pakistan by the order of the court completed its report. While it was stated in the report that cryptocurrencies would do more harm than good to the Pakistani state, it was recommended to ban it.
In the report, which pointed out that cryptocurrencies are illegal, it was shared that they cannot be used in the trade sector . The Commission also cited countries such as China that have banned cryptocurrencies as an example. It was also stated that cryptocurrency exchanges operating in Pakistan, including Binance, should be banned, and it was recommended to impose criminal sanctions on these companies.
Authorities are concerned that cryptocurrencies can be used to finance terrorism and money laundering . The Sindh High Court sent the commission’s report to the Ministry of Justice and the Ministry of Finance. Both ministries will be consulted and a decision will be made in April whether cryptocurrencies will be banned in the country.
Turkey’s crypto money law on the horizon
President Recep Tayyip Erdogan, at the meeting he held with economists and academics in December, announced that the studies on the legal infrastructure of cryptocurrencies in our country are ready and that it will be moved to the Turkish Grand National Assembly as soon as possible .
A subcommittee is expected to be formed to discuss the law in detail. After the final work is completed, the bill will be presented to the Parliament. The regulation is expected to be implemented within this legislative year.