government ought to consider joining the other dynamic market who Opted for the regulatory aproch to draw our a regulatory frame work that would suit the new age.
The ban was initially imposed to ensure that market participants are protected from nefarious activities.
Simply lifting the ban also has its Adverse effects but the current lack of clarity when it's come to cryptocurrency is already leaving Participants exposed to risk in a policy vacuum while business have the appetite infuse the latest technology to there offering due to customer demands with out regulation they would rather error on the side of caution instead of confidently experimenting and innovating.
Cryptocurrency are not backed by the government, which means that cryptocurrency stored Online does not have the same protection as a money in a bank account. If you store you cryptocurrency in digital wallet provided by a company, and the company goes out of business or is hacked, the government may not be able to step in and help get your money back.
Japan for example, has among the most progressive cryptocurrency regulation other example are uae, Singapore, to used cryptocurrency.
Although cryptocurrency transaction are an anonymous. The transaction may be posted to a public ledger, like Bitcoin Blockchain.
A blockchain is a public list of record that shows when someone transaction with cryptocurrency the information can also include the senders and recipients wallet also both the transaction amount and wallet address could be used to identify who the actual people using it are.
At the end of the day Business in Pakistan need clarity and a frame work to operate. When it's come to adopting innovative technology like cryptocurrency and Blockchain.
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