Pakistani Finance Minister Aisha Ghaus Pasha told the media cryptocurrencies made a number of statements about The state official stated that digital assets will never be legal in the country. The minister’s statements to the press led to comments that crypto would be banned in the country.
Pasha in October FATF stressed that they should take the necessary precautions since they were removed from the gray list. FATF cooperates with countries that are short of it to prevent money laundering and terrorist financing around the world.
Although the FATF does not have the power to impose sanctions on countries that do not comply with the standards, it significantly affects the attitude of foreign investors. The ongoing deep economic crisis in the country has caused investors to flee.
According to local media reports, the State Bank and the Information Technology Presidency are working to completely ban cryptocurrencies.
The officials has been destroying Pakistan in the name of #FATF & #IMF. Whatever happens in this country, according to the officials, it’s either IMF’s fault or FATF’s.
May ALLAH soften their hearts for the country and common man. ameen pic.twitter.com/ymHJ2sqbb6— Crypto Pakistan 🇵🇰 (@Crypto_Pakistan) May 17, 2023
Crypto Investors Reactive!
After the finance minister’s statement, Pakistani crypto investors reacted greatly on social media. Cryptolovers think that instead of a total ban, the government should go after scammers and money launderers.
According to statistics, citizens living in Pakistan have a total of $20 billion worth of cryptocurrencies. How a possible cryptocurrency ban will be implemented is still a matter of debate.
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