Pakistan Government Hardens Stance Against Cryptocurrencies Despite Rising Popularity Among Retailers

The Pakistani government has taken a firm stance against cryptocurrencies, with Minister of State for Finance and Revenue Aisha Ghaus Pasha stating that they will never be legalized in the country. This position is reportedly due to conditions set by the Financial Action Task Force (FATF) to keep cryptocurrency off its "Grey List." The State Bank of Pakistan and the Information Technology Ministry have been ordered to work on banning cryptocurrencies, and banks in Pakistan have started informing customers that cryptocurrency trading is illegal. Despite this, cryptocurrencies are gaining popularity in Pakistan, with retailers converting their salaries into stablecoins as a hedge against the devaluing Pakistani rupee.

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