Later that year Pakistan had banned Bitcoin and cryptocurrency trading in Bitcoin
Just a few weeks ago, it was revealed that the Securities and Exchange Commission [SEC] from Pakistan was working to introduce a regulatory framework for Bitcoin and cryptocurrencies. However, things seemed to have escalated very quickly, as Sumera Shams, a member of the Khyber Pakhtunkhwa Provincial Assembly (KP), announced on December 2 the decision by the provincial parliament to legalize trade in Bitcoin, cryptocurrencies and mining.
In a tweet, Shams noted:
“The Khyber Pakhtunkhwa Assembly anonymously passed my resolution on cryptocurrencies and cryptomineration. In fact, Pakistan is making progress towards digitalization to compete with the world. Congratulations to @ZiaBangashPTI and @fawadchaudhry for their hard work and dedication in the field. ”
Government advisor Zia Ullah Bangash confirmed the news by providing a photo of the proposal signed by the advisers and ministers. It was addressed to the chief minister of Khyber Pakhtunkhwa province.
KP Assembly passes resolution regarding Cryptocurrency and Cryptomining demanding federal govt to take steps to legalize #cryptocurrency and #cryptomining in Pakistan. #DigitalPakistan pic.twitter.com/8a9CAL6zyr
– Zia Ullah Bangash (@ZiaBangashPTI) December 2, 2020
“KP Assembly approves resolution on cryptocurrency and cryptocurrency requiring the federal government to take steps to legalize cryptocurrencies and cryptocurrency in Pakistan.”
KP is one of Pakistan’s four provinces and its move could influence the remaining three provinces. The KP parliament urged the government to ratify the decision in order to keep up with the development of the technology and with such proactive measures could beat its neighbors in adopting cryptocurrencies.
According to previous reports, the country was already working on a regulatory framework. However, the country’s central bank banned the sale of cryptocurrencies in April, making Bitcoin illegal in the country. There have been cases where authorities have cracked down on owners and even mining farms. In January, the Federal Investigation Agency [FIA] seized two cryptocurrency mining farms in the Shangla district of Khyber Pakhtunkhwa.
Now that Khyber Pakhtunkhwa is moving forward with the proposal to legalize cryptocurrencies and mining, Pakistan could become the first among its neighbors to take this step.