Could cryptocurrency provide a solution to Pakistan’s economic problem? Well, the short answer is, Yes, but the country would have to take some tough decisions similar to neighboring Iran.
The Financial Action Task Force (FATF) is hard on Pakistan and the rationale is terrorism. Pakistan is going through one of the worst economic crises of its history and the country can use all measures.
Pakistan has made it onto the FATF greylist and the economy in dire need of stability has already been supported by the Middle Eastern and Gulf countries on top of an International Monetary Fund (IMF) bailout package.
Cryptocurrency status in Pakistan
The State Bank of Pakistan (SBP) initially imposed a trading ban on cryptocurrency directing all banks and financial institutions to bar all cryptocurrency related transactions and report all such transaction to relevant authorities.
Rumors that Pakistan would be regularizing cryptocurrency emerged in April 2019, when social media roared with the thought and the cryptocurrency community rejoiced. However, only a month later in March, the then Minister of Finance Asad Umar denied all such rumors. Read More at Cryptopolitan...