Cryptocurrencies will “never be legalized in Pakistan,” said Minister of State for Finance.

Almost 20 million Pakistanis use cryptocurrencies anonymously. The State Bank Of Pakistan had never legalised bitcoin or permitted its banks to allow cryptocurrency transactions.

Now the government has hardened its stance against cryptocurrencies, even as retailers continue to hedge their financial bets against a devaluing Pakistani rupee. Even after the destabilisation of the economy, and knowing very well that crypto can be a huge game changer and could play a vital role in alleviating the economic hardship, the government still intentionally keeps banning CEX and other crypto related websites, allowing their banks to freeze the transaction made for crypto.