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Pakistan Cannot Legalize Cryptocurrency Trading Due to FATF Grey List and Terror Financing Concerns

Pakistan's Minister of State for Finance, Aisha Ghaus, has stated that the country cannot legalize cryptocurrency trading due to its recent removal from the Financial Action Task Force's "Grey List" and the potential for crypto to be used for terror financing. The State Bank of Pakistan has also declared that crypto is not legal tender or backed by the government, and officials have described it as a total fraud. The Senate Standing Committee has directed the SBP and the Ministry of IT & Telecom to work on banning cryptocurrency trading, which would involve banning all related websites and services. This move is part of a global regulatory crackdown on the cryptocurrency industry.

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