Pakistani Finance Minister Aisha Ghaus Pasha made a series of statements about cryptocurrencies in a statement to the press. 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 emphasized that they should take the necessary precautions since they were removed from the FATF gray list in October. 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.
Crypto Investors Reactive!
After the finance minister's statement, Pakistani crypto investors reacted strongly 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.