The start of the year 2022 is not good for cryptocurrency, we all know it. After the despite fall cryptocurrency market is looking for its regrowth but many fundamental reasons are backing up the market for a downfall once again.
In the past few weeks, some countries banned Cryptocurrency which caused havoc on Crypto Market. India is one of those countries which see cryptocurrency as dangerous. The high volatility and after many people lost their money regarding cryptocurrency the Central Bank of India restricted its rules and regulations on Digital Currency.
India’s Prime Minister Narendra Modi addressed World Economic Forum’s virtual Davos agenda yesterday and he mentioned every country should go with global collaboration and a common option towards cryptocurrency. With its new emerging problems and challenges, the world should have a common answer for it the prime minister said. Furthermore, Prime Minister said,
” With the change of the global order, the challenges we face also has increased with the rise of new technology and new actions. As a global, we should face these problems as a global family. With the new technology related to cryptocurrency, actions taken by a single country will not be enough as the all the counties will need to have the same approach”, the prime minister said.
India is looking forward to new crypto regulation and as the government officials say Prime Minister Modi will take the final decision on it.
Pakistan’s government also looking forward to the same option as they have found cryptocurrency in Pakistan had been used over money laundering and terrorism regarding activities.
A committee was appointed and it’s headed by Sima Kamil, the deputy governor of the SBP( State Bank of Pakistan). Members from the Pakistan Ministry of Finance, the Securities and Exchange Commission of Pakistan ( SECP), and the Federal Investigation Agency of Pakistan (FIA) will be included in this committee. In 2018 SBP had issued circular restricting banks from dealing with digital currencies.
The case was bought again after Waqar Zaka a local crypto entrepreneur who wants to lift the crypto ban and be declared as a legal asset in Pakistan.
He has filed a case in courts regarding this and he has informed many Pakistan people are interested in this cryptocurrency. After filing a case he says he is receiving death threats from anonymous people.
As the government officials say they will look forward to this case and a good decision will be made by Pakistan President Imran Khan despite many saying Imran Khan is against crypto.