You have heard that Pakistan is going to legalize #Cryptocurrency . But no one told you real facts. Here is full explanation what sanctions Pak government is going to apply on Crypto?
First of all I want to clear a thing here that Pakistan has not approved it yet. It is just a proposal by State Bank Of Pakistan that they sent to Federal Government. If Federal cabinet approve it then it will be forwarded to Parliament. If most of Parliament members agree with it then this proposal will be converted into legal tender. Here is what this proposal contains:-
Fintech Technology:-
In regarding of fintech technology usage (AI & Blockchain, etc.) Crypto currency should be legalize. This proposal designed to compete internationally in finance system.
Launch Of PKR:-
Just like other Crypto currency we should launch our on Crypto coin PKR that will be backed by Pak Government. We decided to take this step to control fake currency notes. In this way usage of fake currency will be reduced by 80% due to of ” original ” property of Blockchain. Note: No PKR Crypto Currency launched yet. All are fake tokens.
Control illegal Activities:-
We should setup a separate team that monitor transactions and detect fraudulent and moneylendering amount and take action against them. For that we will develop a AI technology based software that will be able to differentiate between orignal and fake transaction. It will detect and report to the team and team will take action on it.
Illegal Tokens:-
If any Crypto currency deployed illegally without permission then the owner must be fined by twice of token/coin total net worth.
Section 25 In Law:-
We want to legalize Crypto currency under section 25 part 24 . It is the same section that allow to print paper currency. We took this decision under national laws and this proposal will be considered as legal proposal.
It is what SBP sent in form of proposal to Pakistan Government. No tax implications suggested yet. But I think they will apply Capital Gain Tax . Here is what we are expecting in form of tax.
May they implement 15% capital gain tax for holdings less then 1 year same like stocks and reduce it to 0% for holding that exceeds 6 years. That is not stated in proposal but expected as it was implement on stocks and bonds in same form. Maybe this proposal take upto 2-4 months to get approved and implemented. That will be good decision if this proposal get approved.
What you think will Pakistan Government approve it or reject must tell in comments. Do not forget to like post and follow @MU_Traders for more updates.
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