Pakistan has moved to legalize crypto, marking a major shift in its financial policy, which has historically labeled digital assets such as Bitcoin and Ethereum as illegal tender.
The federal government has proposed amendments to its State Bank of Pakistan (SBP) Act, allowing the SBP to issue the countrys money in digital currency. read here
In 2023, Pakistan was very firm on their stance about crypto. They promoted the idea that using cryptocurrencies allows for illegal activities and therefore will not be encouraged and anyone to use cryptocurrencies will not be protected by the government. But now we see that they seem to be getting more lenient with crypto probably after seeing many countries adopting bitcoin and reaping rewards.
This just shows that even though a country has written off bitcoin, it doesnt mean it cant change. What other countries do you hope to reconsider their laws about bitcoin and crypto at large? China comes to mind first seeing how strong and largely popular was crypto there.
It's good that they changed the law because it's stupid to abandon Bitcoin or cryptocurrencies, which are the innovation of the 21th century. Just imagine, there have been only two types of money before, Coins and Paper, for 21 centuries and then came a brand new type of money, a cryptocurrency. To my mind, it's a sin to ban Bitcoin, it's a crime, really.
By the way, I also think that China will soon take U-turn on Bitcoin because the USA accepting ETFs and is gaining power on it, especially if Trump wins and decides to make his crazy dream realize, that includes trying to getting the rest of Bitcoins mined in the USA. Logically, China should be interested to take some power on Bitcoin from the USA, so they have to change their stance.