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Bitcoin Regulation and Bitcoin Tax in Pakistan

Going against the worldwide general trend of acceptance of Bitcoin, Pakistan’s Federal Investigation Agency (FIA) are erroneously concerned that Bitcoin will take away revenue from the government so are taking steps to ban Bitcoin and declare them persona non grata. They are recommending to the government that punishment should be meted out to individuals buying/selling or exchanging Bitcoin or any other currencies in Pakistan un the Prevention of Electronic Crimes Act.

“Bitcoin / digital currency is not recognized by State Bank of Pakistan as legitimate business and are causing huge monetary loss to the government exchequer. So it should be declared illegal with the inclusion of definition and distinct punishment of this emerging crime.” According to some official documents.

So this is a straight forward admission that their concern is loss of revenue rather than any real concern for alleged crimes committed with Bitcoin.

The State Bank of Pakistan has indicated it has no intention whatsoever of legalising Bitcoin This new Phase-III legislation includes recruiting new technical and ministerial staff, and the establishment of nine new Cyber Crime Police Stations and Digital Forensic Laboratories in Abbottabad, D.I Khan, Gujranwala, Faisalabad, Multan, Gawadar, Hyderabad, Sukkur, and Gilgit- Baltistan specifically to oversee violations of this legislation.

Of course this legislation is confined to within the borders of Pakistan and does not hinder Pakistanis buying and selling or exchanging crypto currency offshore and exchanging for fiat currency offshore.

Incidentally the US Treasury Secretary Steven Mnuchin at a meeting, recently that in his opinion cryptocurrency should not become the equivalent of a Swiss bank account; effectively a way of hiding assets and avoiding making a contribution to society. “One of the things we will be working with the G20 on is making sure that this doesn’t become the Swiss numbered bank account. We want to make sure that bad people can’t use this currency to do bad things,” Mnuchin commented.

This article will be updated as news unfolds.

This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.