While the negotiations regarding a $3 billion standby agreement between Pakistan and the IMF are expected to be concluded today, the cryptocurrency detail in these negotiations attracted attention.
According to local news agency The News, the IMF has asked Pakistan to impose a capital gains tax on cryptocurrency investments and added a condition of imposing Capital Gains Tax on gains from cryptocurrencies among the conditions of the $3 billion aid package.
The IMF, which has been negative towards cryptocurrencies, has requested Pakistan's Federal Board of Revenue (FBR) to impose a capital gains tax on cryptocurrency investments as one of the conditions for obtaining a $3 billion recovery fund.
The $3 billion aid provided by the IMF aims to stabilize Pakistan's legal economy, which is suffering from hyperinflation, and prevent it from defaulting on its debts.
If the negotiations go well and Pakistan accepts the IMF's conditions, the IMF will pay the remaining approximately $1.1 billion of the rescue package.
Patistan's taxation of cryptocurrency earnings will mean recognition of cryptocurrencies. However, Pakistani Finance Minister Aisha Ghaus Pasha stated in a statement that the country will never legally recognize cryptocurrency trading.
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*This is not investment advice.