Prime Minister Imran Khan intends to outlaw cryptocurrency exchanges and mining in Pakistan, according to Waqar Zaka. Following his assertion, Pakistan’s first crypto entrepreneur called on social media users to join the world’s largest demonstration, the ‘Dharna With Waqar Zaka,’ in support of crypto regulation.
What is cryptocurrency?
A cryptocurrency is a type of digital currency that is encrypted. There are decentralized networks that enable secure internet payments for cryptocurrency, however, one of these networks is known as ‘binance’ which is regulated and centralized.
They are denominated in terms of virtual tokens, which are represented by ledger entries enforced by a dispersed network of internal system computers, i.e., blockchain technology.
In a nutshell, the main feature of cryptocurrency is that it is not regulated by any central bank or authority, making it immune to government intervention.
Waqar Zaka’s claim
Prime Minister Imran Khan, according to Waqar Zaka’s sources, intends to outlaw crypto exchanges and mining. Zaka stated that regardless of whether the prime minister is willing to regulate or outlaw cryptocurrency, the nation will protest in support of cryptocurrency.
The social activist has called for a “Dharna With Waqar Zaka” if the Lahore court rules against Crypto Exchanges. Zaka further stated that he would not allow the prime minister or anybody else in Pakistan to outlaw cryptocurrency. He further warned that if someone tries to outlaw cryptocurrency in Pakistan, the Pakistani crypto community will respond with a major protest.
Support from netizens
Following his tweets, numerous social media users expressed their support for Waqar Zaka and the Dharna trend. Waqar Zaka’ began to circulate on social media, expressing sympathy for the former host’s viewpoint.
Cryptocurrency and Pakistan
In 2018, the State Bank banned all cryptocurrencies for a brief period before lifting them. However, due to the ban, now most people in Pakistan trade Bitcoins with cash.
Face-to-face transactions are one way to purchase Bitcoin in Pakistan. You make a face-to-face agreement with someone in exchange for payment in local money.
Will Cryptocurrency be banned in Pakistan?
Cryptocurrencies are clearly legal in the United States, but they are effectively prohibited in Saudi Arabia and other countries. As a result, their legality is determined by each country.
One important aspect to be noted is that regulating cryptocurrency in Pakistan could be beneficial to the economy in terms of the amount of money it can bring in.
