Lawmakers at the assembly of Khyber Pakhtunkhwa (pictured), Pakistan’s third biggest region economically, have passed a resolution to legalize bitcoin and crypto mining.
“Pakistan progressing towards digitalisation to compete the world,” said Dr Sumera Shams, a member of the provincial assembly.
They call on the federal government to do the same with Zia Ullah Bangash, an advisor to the Minister on Science & Technology, stating:
“KP Assembly passes resolution regarding Cryptocurrency and Cryptomining demanding federal govt to take steps to legalise cryptocurrency and cryptomining in Pakistan.”
The tide therefore has clearly changed in the country where the central bank issued a diktat in 2018 preventing banks from facilitating crypto businesses.
That followed in the footsteps of India where cryptonians were able to over-turn their central bank’s verdict in the biggest legal win for this space so far.
It is probable the same will happen in Pakistan, a developing country with a GDP of $278 billion that is seeing an annual growth rate of 5%.
Inflation here is a bit out of hand with it standing at 14% at the beginning of the year and now at 9%. While the base interest rate is just a bit below at 7%.
That means Pakistanis may well benefit from a bitcoin hedge as well as from using the new digital gold for international commerce.