In Pakistan, a province in Khyber Pakhtunkhwa passed a law that makes cryptocurrencies and mining legal in the region.
According to a Provincial Assembly (MPA) member, Dr. Sumera Shams, the move will enable the country to position itself better to compete favorably with the digitized world.
A few weeks ago, the Pakistani Securities and Exchange Commission set a motion to introduce a regulatory framework for cryptocurrencies. But it seems the government is trying to speed things up pretty quickly with the recent developments in the sector. Pakhtunkhwa tweeted,
“Indeed #Pakistan progressing towards digitalisation to compete the world.”
Zia Ullah Bangash, an advisor to the Pakistani government, provided a picture of the signed proposal to confirm the news. The proposal was signed by ministers and advisors and addressed to the chief of the province.
The crypto legalization move by the KP province can influence other regions to follow in that direction.
Legalizing cryptocurrency will speed up its adoption
The KP parliament urges the Pakistani government to quickly approve the motion to ensure that the region is not left behind in the growing digital currency frenzy.
With the proactive steps, proponents of the policy think it will stay ahead of its neighbors regarding cryptocurrency adoption.
Based on earlier reports, Pakistan already has an adequately regulated framework for digital currencies. But cryptocurrency proponents in the country had a setback when the Pakistan government banned crypto trading in April.
With Bitcoin illegal in the country, authorities descended on crypto holders and miners. At the turn of the year, the Pakistani Federal Investigation Agency clamped down on two crypto mining farms in the Shangla district of Khyber Pakhtunkhwa.
But in a published report on November 6, the Pakistan Securities and Exchange Commission brought more clarity about its stance on cryptocurrency.
The regulatory agency also said it is prepared to listen to a “do no harm” approach when dealing with digital assets.
Pakistan looking to stay ahead of neighbors
But with this upturn of the decision to open the crypto market once again for business, Pakistan may likely be the first to legalize cryptocurrencies and mining among its neighbors.
A vocal crypto enthusiast and television host, Waqar Zaka, said he wants to take the same proposal to Punjab and Balochistan. He said he wants to help the region pass the same policy in Pakistani’s other provinces.
He says if the federal government doesn’t review his proposal, he intends to appear in the Sindh High Court on December 17.