Pakistan has taken a major step to legally legalize cryptocurrency, which can give him a prominent place before Republic of India. This step of Pakistan explains its professional approach regarding the future of digital assets. Pakistan is working towards setting up a legal framework to attract global investors while turning to Crypto and blockchain, while no concrete steps have been taken in India yet.
Crypto Framework status in Republic of India
The Government of India had indicated to consider a legal framework for cryptocurrency in G20 Zenith last year, but after that there is no significant update in this matter. At the same time, the Reserve Bank of India (RBI) has said to ban cryptocurrency several times. The Governor of RB has even stated that crypto should be completely banned, as it can lead to negative impact on financial stability.
At the same time, the Government of India also does not look completely serious on this issue. RBI’s stance against cryptocurrency and government’s silence shows that this issue is not on priority in India. For example, recently it was revealed in a list that North Korea Third Greatest Bitcoin Holder made While the Government of India has no holding of bitcoin or any other cryptocurrency. This situation clarifies the indestructible status of the government, regarding the crypto coverage of India.
Pakistan’s move to legalize crypto
Pakistan has taken fast steps in this direction, under which recently Pakistan launched Crypto Council Are. CEO of Pakistan Crypto Council, Bilal Bin Saqib recently said that Pakistan can no longer lag behind in the case of crypto. “We want to make Pakistan the leader of blockchain-purd finance and we want a strong legal framework to attract international investment.
He further said that Pakistan has more than 60 percent of the youth population, which is familiar with digital and web3 technology. Saqib believes that the use of cryptocurrency and blockchain technology can benefit Pakistan in its economy, especially in the field of remedies and business. This step of Pakistan can keep it ahead of India, because the situation regarding crypto in India is not clear and no concrete steps have been taken by the government.
Conclusion
The difference between India and Pakistan regarding the legal framework for Crypto can leave India behind in this region. From the steps taken by Pakistan in this direction, it is clear that it is planning to set up a strong and attractive legal framework before Republic of India in terms of cryptocurrency. At the same time, there is still a situation of ambiguity and confusion on cryptocurrency in India. If Pakistan moves in this direction, it can overtake India and attract the attention of international investors.
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