In this modern world, most of the developed countries are trying to use different digital platforms for the transaction of money: credit cards, ATMs, online banking, etc. Using digital platforms is not only safe but they are also the fastest and the easiest. Online transactions can also be monitored thoroughly, avoiding money laundering.
So why are the countries hesitating in accepting crypto? Before answering this question first, we must understand, the difference between transactions through the banks and the crypto. In Pakistan’s banking system, transactions of 10 lakh or more are only released after the verification and all international transactions are made only after the verification from related authorities so ultimately check and balance of transactions is accessible, resulting in documented transactions.
Now when it comes to crypto, it is quite different from normal transactions. Crypto transactions are not regularized; money laundering can easily be done. On the other hand, cryptocurrency is also liquified and its value is only market-specific which is controlled by big bulls, or in crypto, we call them “WHALES”.
Although crypto is not regularised by the government but banning it is not the solution as people will find other means to buy crypto through the illegal black market at a higher rate; such bans will not refrain people from involving in crypto markets especially as recent trends suggest crypto as a lucrative business.
So, what Pakistan can do is to allow people to invest in crypto and involve local bank transactions into the crypto market but a transfer worth $10,000 should be passed only after the verification along with a monthly limit of transactions should be set. Proper and well-documented legislation should be passed from the national assembly by keeping all stakeholders on board.
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