The Government of Pakistan has announced to create a new body Pakistan Virtual Asset Authority (PDAA) to regulate virtual finance and cryptocurrency in the country. Its purpose is not only to control the Crypto Marketplace, but also to torize national properties and also convert additional power into profits through bitcoin mining.
This decision of the Government of Pakistan was informed by the government broadcaster PTV, stating that Pakistan Virtual Asset Authority will regulate all exchanges, wallets, custodians, stabilcoins and decentralized finance (Defi). Let me tell you that between India-Pakistan tension Pakistan Cryptocurrency Council and US President Donald Rrump partnership between WLF Had happened.
What did the finance minister of Pakistan say
On the formation of Pakistan Virtual Asset Authority, Pakistan Finance and Revenue Minister Muhammad Aurangzeb said that we do not just have to walk with the world, but to lead in this crypto industry. Crypto law in Pakistan will provide security for users’ investment, as well as global investment will be attracted. This step will bring Pakistan to the center of financial innovation. ”
Let us tell you that PCC was formed on March 14, which recommended Regulatory Frame. PCC made Binance Founder Changpeng Zhao (CZ) consultant Is. CEO Bilal Bin Saqib of Cryptocurrency Council said that it is not just a matter of crypto, but it is a matter of new looks to our financial future, increasing access and creating new channels of exports through digital finance.
This will work for Pakistan Virtual Asset Authority
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Crypto exchanges and Wallets License and Regulation
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Tokenize government assets and debt
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Additional electricity promotes Bitcoin Mining
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Support to blockchain -based startups
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Web3 and strengthening digital finance
The condition of Crypto Marketplace in Pakistan
Pakistan’s Crypto Marketplace is spreading rapidly. In the year 2023, the then Finance Minister of Pakistan Aisha Pasha had said that the country would never legalize crypto, but after that the situation started changing. According to an estimate, by 2025, Pakistan may have 27 million crypto customers, which are about 10% of the total population, as well as Pakistan’s Crypto Income may reach $ 1.6 billion in 2025.
Why India behind in Virtual Asset Authority?
In India too, there has been a long demand for the formation of Virtual Asset Authority or regulatory body to monitor cryptocurrency. The Supreme Court has asked the central government many times in this regard that when the government is taking 30 per cent tax on crypto exasation, then why has the regulatory organization related to it not yet been formed. In the absence of rules, people are still hesitant to invest in Crypto Marketplace in India and the trust of Digitus Property is not being maintained.
Conclusion
The introduction of Virtual Asset Authority in Pakistan is a sign that the Pak government is now taking Crypto and Blockchain Era seriously. At one time, where it was being banned, the same country is moving towards giving validity to Bitcoin Mining and torturing national resources. With this, Pakistan can not only attract investors, but can also become a new center of technological innovation. Other neighboring countries, including India, should take lessons from this move and increase their policy-making.
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