Citing Tariq Fazal Chaudhry, the Federal Minister told the National Assembly yesterday that online Cryptocurrency currency would be subject to regulation so it cannot be abused. He stressed during the Questions Hour that neither does the government promote nor demote online currency; in a word it has not still become legalized money in Pakistan’s view yet.
He said that to stem illegal activities and misuse of digital currencies, the government has enacted regulations. The Special Assistant to the Prime Minister will oversee all matters related to cryptocurrency, he added, in order to ensure a well-organized and secure regulatory process.
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Tariq Fazal Chaudhry answered a question from Mirza Ikhtiar Baig. Regulations which directly address the concerns of the Financial Action Task Force (FATF) will be instated by the government, he noted, and it is considering a comprehensive approach to all these issues through regulation.
He stressed that, while formulating the regulatory framework, all relevant questions as well as international compliance standards are being carefully thought about; this ensures that Pakistan’s attitude towards cryptocurrency conforms not only with its own sense of norms but also those international financial and security norms.
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