Incoming Ban on Crypto in Pakistan: Unraveling the Government's Stance and it's Effects

Debt repayments of $4.1b while total of the State Bank of Pakistan (SBP) stand at only $4.4bn at it's lowest which is worse than ever.

Meanwhile Government is still playing chess moves.

It all started with ex prime minister got arrested by rangers and than his supporters all around the country went over the streets to protest but turned out more violent.

So, Government shutdown Internet service over the country, Facebook, Twitter like social media was down which retuned after 3 Days and that was the reason few days ago behind inactivity.

The impact of Shutting down internet on Freelancers, e-commerce and more

People are making living on internet as they've business or invested in something and when internet was down no one could work whether freelancer, e-commerce or crypto investors.

I myself wasn't able to use hive and during this time crypto market also went down which caused some big losses to everyone.

Meanwhile Fiver literally made Gigs unavailable for Pakistani freelancer and all clients who were looking for service and work inc pending one's were like gone because my own friend is freelancer when he got internet back impressions are down big, pending jobs gone and this happened to thousands of people.

Freelancers, e-commerce two big edition to whole economy paying tax to government but completely shutdown for 3 days to economy already in crisis. I couldn't imagine more worse but than I found out they're banning crypto when I saw this news on television.

Source
Translation is; Government Plans to ban the Buying and selling of Cryptocurrency.

This could bring one effect and that's exactly what government is playing right now.

I shared this news with @dlmmqb and had an interesting Conversation on this topic

_{From the Discord Server of Hive Pakistan - Hop in now}

Banning Buy and sell is like shutdown all exchanges working from binance to all others and currently some exchanges are seriously pushing adoptions and started organizing events which doesn't look good anymore.

Indirectly they just want Money or Monitor assets of people and will create pressure on exchanges to fill their pockets as nothing left to rob in federal reserves.

One more reason behind this ban drama

Is to divert attention of people from current political situation and this plan is working quite nicely as most people started talking about crypto instead of other drama.

Billions of dollars of Pakistan have been invested in cryptocurrency,” Senator Salim Mandviwala. source

What The... Correct statement should be "Billions of dollars of Pakistani Citizens" why this statement sounds like Your money is Our not yours.

and that's exactly why people are investing in crypto and don't want to get homeless keeping local currency depreciating a lot and is becoming worthless everyday.

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what will happen to all those who have invested heavily in crypto

First of all no one could use binance or exchanges anymore as "VPN" doesn't work with It. So, P2P will become a way to buy and sell, only DeFi will work for you to trade in crypto.

I won't be able to use hive without "VPN" and my funds will be saved in wallet, or your non custodial wallet.

SBP officials also said that cryptocurrency is a total fraud which will never be recognized in Pakistan ~ source

They are referring it as a fraud so anyone involved with crypto captured by FIA will be investigated than either charged or thrown in jail.

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What People of Pakistan Always Want

Is a friendly policy for crypto and technology. Our government has always been harsh when it comes to normalizing technology related stuff. We took stand by own to bring amazon or e-commerce in country before and this time crypto which is one thing where people are making living and is the only source to earn they're now after it.

Gov should make a law, it's better to tax it instead of banning.

This time is no different everyone will take stand and will see what is the future of crypto in our country.

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Wrapping up...

For now, the only urge I've left is to leave this country and settle somewhere else where I can provide my family better, chase dreams and a better future which I can't see happening while living here.

The politics our gov do is worse for it's own people and now people have started realizing it slowly when it's already late. Well, I hope you're living in a place where they're not making such decisions.

In the end, do let me know your thoughts on this current situation. I would like to hear it from you what should be better for me if they impose ban on everything connected to crypto.

Fin.

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_{Thanks for reading.Greetings.}

All the content and images are mine except indicated. No copyright infringement intended. 18/05/2023.