Business

Will cryptocurrency ever be legalised in Pakistan?

Published

2 years ago

Farwa

Pakistan has decided to suspend cryptocurrency services available on the internet in the country to prevent illegal digital currency transactions as per the guidelines of the global anti-terror financing watchdog, the federal government said Wednesday.

Adhering to the directives, the State Bank of Pakistan (SBP) and the Ministry of Information Technology have initiated work on banning cryptocurrencies.

Briefing the Senate Standing Committee on Finance, Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha asserted that cryptocurrency will “never be legalised in Pakistan”, revealing that the Financial Action Task Force (FATF) has also imposed restrictions.

“FATF had set a condition that cryptocurrency will not be legalised,” she maintained.

Endorsing Pasha’s views, SBP Director Sohail Jawad said that crypto transactions involve “high risk”; therefore, it will never be granted permission in Pakistan.

“Cyrtocurrency is virtual currency and more than 16,000 types have been formed so far,” he said, adding that the $2.8 trillion market has now shrunk to $1.2 trillion.

Pakistan Peoples’ Party (PPP) Senator Saleem Mandviwalla raised concerns over the billions of dollars invested in the market. Addressing the concerns, the SBP official said that the Federal Investigation Agency (FIA) and Financial Monitoring Unit (FMU) — a financial intelligence unit which helps Pakistan to fight against terrorism financing and money laundering — are working on this.

Pakistan has seen a boom in trading and mining cryptocurrency, with interest increasing in thousands of views of related social media videos and online exchange transactions.

Cryptocurrency mining flourished in Pakistan until April 2018 when the government banned trading and mining virtual currencies. There is still a growing mining industry despite the fact that many mining farms have been shut down since this ban was implemented.

Most exchanges operate through ghost partners and never show on the regulatory radar. However, the government has been making continuous efforts to stop crypto trading.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

1 day ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.