Khyber Pakhtunkhwa (KP) Assembly has unanimously passed a resolution on legalizing cryptocurrencies and crypto-mining. With that, KP Assembly has become the first legislative assembly to have approved a resolution in the favor of cryptocurrencies in Pakistan.
Khyber Pakhtunkhwa's Assembly anonymously passed my resolution on #Cryptocurrency & #Cryptomining. Indeed #Pakistan progressing towards digitalisation to compete the world. Kudos to @ZiaBangashPTI & @fawadchaudhry for their hard work and dedication in the field. https://t.co/id2LUnnGBo pic.twitter.com/TbQvYDsMEl
— MPA Dr Sumera Shams (@SumeraShams) December 2, 2020
According to details, PTI MPA, Dr. Sumera Shams, introduced the resolution in the provincial assembly on Wednesday. The draft of the resolution states current trends suggest that digital currencies will replace paper currencies in the future.
One province done , three more to go , KPK visit brought fruitful results. Now I will be going to Punjab , Baluchistan to get these bills passed for crypto , Technology Movement Pakistan producing results even before getting into elections https://t.co/SwWo6n7ife
— Waqar Zaka (@ZakaWaqar) December 2, 2020
Waqar Zaka also tweeted on the matter claiming that he had made the initial suggestion and worked with the lawmakers to legalize businesses related to crypto-currencies. He also announced to work with other provincial lawmakers and get similar approvals in the future.
While several central banks around the world have registered and issued cryptocurrencies, many countries, including the US, have taken concrete steps towards introducing and legalizing cryptocurrencies.
Keeping these developments in view, the KP government calls on the federal government to register and officially introduce cryptocurrencies after enforcing necessary legislation, the draft concludes.