Connect with us

Business

Will cryptocurrency ever be legalised in Pakistan?

Published

on

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

Tourism boom: During Eidul Azha, more than 400,000 people travel to KP

Published

on

By

Over 400,000 people travelled to several beautiful locations in Khyber Pakhtunkhwa between June 17 and June 19, celebrating the recently ended Eidul Azha festivities.

With over 174,000 visitors in one day, Naran Kaghan emerged as the most popular location. Visitors looking for a getaway from the city are still drawn to Naran Kaghan’s calm scenery and charming valleys.

A total of 162,000 visitors to Galiyat took in the city’s rich history at its cultural institutions and historical landmarks. In addition, more than 46,000 people visited Malam Jabba in Swat, and 23,000 people visited Upper Dir to take in its stunning surroundings.

Khyber Pakhtunkhwa is becoming a popular domestic vacation destination due to its unique combination of natural beauty, cultural legacy, and adventure options, as seen by the rise in visitor numbers.

Businesses and local government agencies have been collaborating to make sure tourists have an unforgettable time while appropriately handling the inflow.

Continue Reading

Business

Pakistan currently has $14.41 billion in foreign exchange reserves.

Published

on

By

In a statement, the central bank stated that as of June 14, 2024, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) stood at $9.135 billion, following the increase.

The announcement also stated, “SBP reserves increased by US$ 31 million to US$ 9,134.7 million during the week ended on June 14, 2024.”

The State Bank of Pakistan (SBP) stated that the nation had $14.415 billion in total liquid foreign reserves. Commercial banks own $5.28 billion of the total in net foreign reserves.

It was announced earlier on June 13 that Pakistan’s foreign exchange reserves reached US$14.38 billion, up US$168 million in the first week of June.

Pakistan’s reserves held by commercial banks rose by US$174 million to $5.28 billion for the week that ended on June 7, according to a statement released by the central bank.

The SBP now has US$9.10 billion in reserves, down US$6.2 million from before. The central bank did not provide an explanation for why its reserves fell.

“SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on July 7, 2024,” the SBP said in a statement.

Continue Reading

Business

In a first for history, PSX crosses the 77,000 milestone.

Published

on

By

At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

Continue Reading

Trending