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The Provincial Assembly of Khyber Pakhtunkhwa in Pakistan has passed a resolution to legalize cryptocurrency and crypto mining in the region. This resolution is expected to drive a new wave of adoption of cryptocurrencies and crypto mining in the Asian nation.
Dr. Sumera Shams, a member of the assembly, revealed the decision via Twitter. She remarked that it was a major step towards digitalization and thanked her colleagues for passing the resolution. Zia Ullah Bangash, an advisor for the ministry of science and technology, posted the resolution draft.
According to the draft, the KP assembly was urged to ratify the resolution as a critical aspect of digitalization. The draft also proposed that the resolution would put the region on pace with global developments in blockchain technology. Following the unanimous passing of the resolution, the regional government is expected to formulate laws that would regulate crypto assets and mining in the region.
Major Milestone for Cryptocurrency Adoption In Pakistan
The crypto resolution had been in the works for several months before its unanimous adoption on Wednesday. As expected, several crypto stakeholders in the region have expressed their satisfaction with this latest development. Khyber Pakhtunkhwa is one of the four provinces in Pakistan and has been progressive towards blockchain adoption.
If implemented, the resolution would expose about $35 million people to crypto-assets like Bitcoin and Ethereum. It could also increase revenue for the regions as crypto miners would flock in to take advantage of crypto-friendly laws. This would also be a great step for Pakistan as it would promote digital currencies in the country. There are also expectations that the other three provinces would join in with favorable laws in the future.
Many countries around the world have already adopted cryptocurrencies as a valid method of making everyday transactions. There has also been a surge in the development of Central Bank Digital Currencies (CBDC) as governments worldwide brace up to crypto-assets’ new reality.