Pakistan has recently officially launched its National Crypto Council – PCC, which aims to integrate and regulate blockchain and digital assets in the country’s financial systems. This step has been taken by Govt of Pakistan to make a prominent place in the field of digital finance. On the other hand, if we talk about India, the situation of cryptocurrency in India is still unclear and government policies remain uncertain towards it. In this article, we will discuss this step of Pakistan and India’s situation in detail.
Formation and Purpose of Pakistan Crypto Council (PCC)
Pakistan has recently announced Pakistan Crypto Council (PCC) to further strengthen its digital financial framework. This council will work under the leadership of Finance Minister of Pakistan Muhammad Aurangzeb. In addition, the council will include heads of Pakistan’s Central Bank Environment Cupboard of Pakistan, Securities and Exchange Commission (SECP) and other government departments, helping it to give it a balanced and overall approach.
The main objective of PCC in Pakistan Cryptocurrency and Blockchain era To regulate, promote it and prepare a strong framework for its development. In addition, this council will try to connect with the International Crypto and Blockchain Institution to adopt Best Practice. Muhammad Aurangzeb has described the formation of this council as an important step towards establishing an important role of Pakistan in digital finance.
The main objective of PCC is to manufacture a safe and response Crypto ecosystem, where digital assets can be used for prosperity and growth in financial systems. In addition, the Council will establish clear rules and regulations for cryptocurrency adoption, making investors feel safe and a stable digital financial system can be installed in the country.
Cryptocurrency status and BACC’s contribution in India
The use of cryptocurrency in India is growing rapidly, but the government’s attitude is still not clear in the region. The number of crypto investors in India has reached around 5 crore, but there are differences between the government and the central bank officials. Reserve Bank of India (RBI) Governor Shaktikanta Das has several times talked about banning cryptocurrency, and no clear policy has come from the Indian government. Recently, the Government of India had asked the agencies about a forensic inquiry to track crypto transactions, which raised the question that the questions were arising that Will the Government of India OPPOSE Crypto,
However to monitor cases related to cryptocurrency in India The Blockchain and Crypto Belongings Council (BACC) Is an important organization. BACC represents the leading players of the Indian Crypto industry and the organization communicates with the government to share the concerns of the Crypto industry and form the correct regulatory framework. BACC includes major crypto companies such as coinswitch kuber, wazirx, coindcx, zebpay and others, representing the interests of the crypto and blockchain industry.
A major objective of BACC is to create a code of conduct for crypto platforms, which all crypto companies have to follow. This ensures that the Crypto industry gets proper regulatory framework and is free from illegal activities. However, due to the tough stance of the Government of India, many crypto investors and developers are worried and it is not clear what steps the Government of India will take about cryptocurrency in the future.
Conclusion
Launch of Pakistan’s Crypto Council is a positive step in the field of digital finance and blockchain technology. This council will help Pakistan to make a safe and responsible Crypto Ecosystem and can give the country a prominent place in Global Digital Finance Landscape. At the same time, despite increasing the use of cryptocurrency in India, the policies of the government are still unclear, causing confusion between investors and crypto developers. In India BACC As the Crypto industry is raising its voice through organizations, it will be interesting to see whether the Government of India explains its attitude towards cryptocurrency in future.
