After keeping it a non-starter for years, now the government has woke up to the reality of virtual bills and plans to legalize cryptocurrency. While our neighbouring countries are still opposed to it, this move in isolation may have countereffects in the region.
Cryptocurrency is a digital form of money that exists only on the internet. Unlike traditional money issued by governments, it is controlled by a decentralised system using blockchain technology. This means transactions happen without banks or middlemen, making them fast and, in many cases, anonymous.
For years, Pakistan hesitated to embrace this digital revolution. Governments worried about security risks, financial instability and illegal activities linked to untraceable transactions. But now, as global economies shift towards digital finance, Pakistan has decided to step in rather than stay behind. The move has sparked mixed reactions. Supporters believe it will open doors for innovation, attract investment and allow freelancers and IT professionals to work smoothly without restrictions. Many Pakistanis already use cryptocurrency informally, so legalisation could bring it under government regulation, making it safer.
However, the decision is not without challenges. Since countries like India and China have strongly opposed cryptocurrency, Pakistan’s solo move might create complications. It could lead to financial imbalances in regional trade or even stricter regulations from global financial institutions.
There are also concerns about whether Pakistan has the right infrastructure to regulate cryptocurrency properly. A lack of awareness and expertise could leave people vulnerable to scams and fraud. Additionally, the government must ensure strong cybersecurity measures to prevent financial crimes. Legalising cryptocurrency is a bold step, but it needs careful planning. The government must learn from countries that have successfully adopted digital currency and build a system that benefits the economy while protecting citizens. Otherwise, the excitement of virtual bills might lead to unexpected financial spills. *
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