In early 2022, the Pakistani government announced a ban on cryptocurrency transactions. The central bank favors pushing blockchain companies out of the country and imposing sanctions on citizens investing in digital assets.
Pakistani Finance Minister Aisha Ghaus Pasha this week reiterated the authorities’ tough stance. She also said that digital currencies will never be legalized in her country.
According to the minister, all financial regulators will soon issue a joint document in which authorities will ban cryptocurrency companies in addition to crypto-trading.
The Senate Finance Committee, the Ministry of Finance, the State Bank of Pakistan and the Ministry of Information Technology fully supported the initiative to ban all types of transactions with virtual currencies.
The government believes that such a tool is used by criminal structures and terrorist organizations. Therefore, the authorities need to strike a blow to the industry and reduce the risks of violating anti-money laundering laws through virtual currencies, said Aisha Ghaus Pasha.