Tag: Pakistan

Pakistan's authorities consider a complete ban on crypto after a scandal that cost thousands of investors $100 million. A committee headed by the bank's deputy governor recommended a complete ban on crypto. On Thursday, Sima Kamil, deputy governor of the State Bank of Pakistan (SBP), submitted the findings to the provincial court. After a careful risk-benefit analysis, it emerged that risks of cryptocurrency far outweigh its benefits for Pakistan. The committee cited concerns over the balance of payments, losses to…

The case for crypto in developing countries is getting stronger. This is due to the newest development from the United Arab Emirates. UAE's financial services provider LuLu Exchange has partnered with Pakistan's leading Alfalah bank to facilitate remittances - with Ripple. Specifically, to aim of the partnership is to facilitate remittances from UAE to Pakistan. Cross-border payments are one of Ripple’s primary use cases. Blockchain tech could now benefit the 1.5 million Pakistanis who live in the UAE. Ripple network could…

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…