Govt Forming Pakistan Crypto Council is Like Having Children Before Marriage Senate Panel

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Govt Forming Pakistan Crypto Council is Like Having Children Before Marriage: Senate Panel

In a recent discussion, a Senate panel expressed skepticism regarding the government’s initiative to establish a Pakistan Crypto Council. The panel likened this move to the concept of having children before marriage, suggesting that such a foundational step should not be taken without a clear framework and understanding of the implications involved.

The senators raised concerns about the lack of regulatory infrastructure and legal clarity surrounding cryptocurrency in Pakistan. They emphasized that before launching a council dedicated to cryptocurrency, there should be comprehensive legislation to govern digital currencies, ensuring the protection of investors and the integrity of financial systems.

The panel also pointed out the importance of educating stakeholders about the risks and benefits associated with cryptocurrencies. Many individuals and businesses are still unfamiliar with the concept, which could lead to potential financial losses or exploitation by unscrupulous actors in the market.

Moreover, the discussion highlighted the global trend of countries adopting regulatory measures for cryptocurrencies, with some nations successfully integrating digital currencies into their financial systems. The Senate panel urged the government to learn from these examples and develop a robust regulatory framework that supports innovation while safeguarding the interests of the public.

In addition to regulatory concerns, the panel noted the potential benefits of a well-structured cryptocurrency framework. It could foster technological innovation, attract foreign investments, and provide new avenues for financial inclusion in a country where many citizens remain unbanked.

As the government moves forward with plans to establish the Pakistan Crypto Council, the Senate panel’s caution serves as a reminder of the need for a thoughtful and informed approach to cryptocurrency regulation. Without a solid foundation, the risks associated with this burgeoning industry could outweigh the potential benefits, making it imperative for the government to prioritize regulatory clarity and public education before fully embracing this digital financial frontier.