Big Embarrassment for Pakistan in Efort to please us president donald trump, cant make bitcoin reserve due to ban on cryptocurrency

Pakistan, which has been facing economic plight for the past several years, recently announced to create a reserve of bitcoin to please the US President Donald Trump. The scheme has suffered a major setback due to illegal transactions related to cryptocurrency in Pakistan.

Recently, Pakistan’s Prime Minister Shehbaz Sharif’s cryptocurrency and special assistant on blockchain, Bilal Bin Saqib had reported that Pakistan is also making a reserve of bitcoin, inspired by the US. Pakistan had also informed about providing 2,000 MW surplus electricity for bitcoin mining and artificial intelligence (AI) data centers. Saqib had told that a bitcoin wallet will be built for this reserve in which digital assets will be placed in the government’s custody. He had said that bitcoins included in this reserve would not be sold. A Crypto Council was also formed in Pakistan. However, State Bank of Pakistan and the Ministry of Finance there have clarified that in Pakistan Cryptocurrency Transactions associated with are illegal. A media report quoted senior officials as saying that under the current regulations, there is a ban on cryptocurrency -related transactions in Pakistan.

In a session of the Standing Committee on the National Assembly’s Finance and Revenue, Finance Secretary Imdadullah Bosal said that Crypto Council is banned in the existing regulations despite recently being created as a crypto council to promote the segment of digital assets.

In March this year, Trump signed an executive order to create a strategic reserve of bitcoin in the US. It has been clarified in this order that the amount of taxpayers will not be used to buy cryptocurrency. It also states that bitcoins deposited in the strategic reserve will not be sold. This means that the US government will exclude a part of the supply of bitcoin from the circulation. According to an estimate, the US government has more than 1,98,000 bitcoins with more than $ 21.2 billion. Most of these bitcoins were seized by the US government in criminal cases.