K-P assembly passes resolution to legalise cryptocurrency

K-P assembly unanimously passed the resolution to legalise cryptocurrency and crypto mining, member of the Provincial Assembly (MPA) of Khyber-Pakhtunkhwa (KP) Dr Sumera Shams announced on Twitter.

Dr Shams wrote: “Indeed Pakistan progressing towards digitalisation to compete the world”.

Advisor to Chief Minister Khyber Pakhtunkhwa on Science & Technology and Information Technology also tweeted about the development:

Zia Bangash also shared the draft of the resolution which is urging “the assembly to ratify the resolution so that Pakistan stays with the advancement in digital technology in the world”.

Furtther, the draft read: “The federal government should also formulate a set of laws to regulate cryptocurrency and crypto mining in Pakistan, especially in KP”.

Last year, the federal government decided to introduce the Electronic Money Institutions (EMIs) regulations today [Monday] for regulating digital currencies as part of its action plan pertaining to the Financial Action Task Force [FATF]. Regulations were prepared in order to monitor and regulate digital currency in Pakistan