The assembly of Khyber Pakhtunkhwa, a province in northwestern Pakistan, It is the first legislative assembly to call for changes in the country’s stance on cryptocurrencies.
As previously reported, Pakistan has been relatively slow to introduce new regulatory frameworks for digital assets and cryptocurrencies.. This week’s resolution before the Khyber Pakhtunkhwa assembly was reportedly tabled on December 2nd by Sumera Shams, a member of the provincial assembly and the centrist political party of Pakistan Tehreek-e-Insaf, or PTI.
The PTI member, Zia Ullah Bangashwho is also an advisor to the Prime Minister of Khyber Pakhtunkhwa for Science, Technology and Information Technology, captured the resolution as a demand on the federal government to “take steps to legalize cryptocurrencies and crypto mining in Pakistan”. The bill was reportedly passed unanimously.
KP Assembly passes resolution on cryptocurrency and cryptomining and calls on the federal government to take steps towards legalization #cryptocurrency and #cryptomining in Pakistan. #DigitalPakistan pic.twitter.com/8a9CAL6zyr
– Zia Ullah Bangash (@ZiaBangashPTI) December 2, 2020
Waqar Zaka, Chairman of the Pakistan Tech Movement, social media activist and self-described crypto influencer, He was optimistic about the news Y. tweeted: “Made one province, three more remain.”
According to local media, the draft resolution states: Current trends suggest that digital currencies are likely to replace paper currencies in the future.
Cointelegraph reported on it in November The Securities and Exchange Commission of Pakistan (SECP) had published a consultation paper on the regulation of digital assets. The paper examined the regulatory frameworks that have already evolved in countries around the world and characterized digital assets as “the dawn of a new era in finance”.
While the SECP focused on assets like utility and security tokens and privately issued coins in general, The Pakistani central bank had previously announced that it would issue a central bank digital currency by 2025.