Reasons why Bitcoin is Illegal in my country Pakistan 🇵🇰
Bitcoin is illegal in many countries including my country Pakistan.
Our government doesn't allow anyone to mine cryptocurrencies.
There are some reasons which make Bitcoin Illegal here.
No physical Existence
Pakistan is still a developing country so people here only believe in the things that physically exist. As Bitcoin is a cryptocurrency, people say it is too risky to invest in something that has no physical appearance.
Untraceable transactions
This is one of the reasons Bitcoin is illegal as we can not track the transaction and any government does not allow this.
Illegal activities
Bitcoin is widely used on the dark web for illegal activities. Pakistan is the country that is still struggling to fight terrorism so it is very difficult for the government to make bitcoin legal.
Financial Freedom
This is one of the strong reasons Bitcoin isn't allowed as the government doesn't want you to be financially free as they want you to keep paying taxes.
Banking System
The banking system is the biggest controller of Financial transactions and Bitcoin was created to make P2P transactions with low fees so banking system doesn't allow cryptocurrencies to be legal.
These are some of the reasons which make Bitcoin and other cryptocurrencies illegal in Pakistan.
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i see in the us now they're trying to find out all transactions and all the gains they can cap on that's extraordinary
Bitcoin is illegal as we can not track the [email protected]
I think awareness is a big issue here in Pakistan, many are not properly aware of bitcoin. And now many universities and other institutes are working on it.
The government is also trying to, soon bitcoin will be legal in Pakistan.
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Yes you are right to some extent but the main issue is actually going to self because Government doesn’t want people to be financially free. If bitcoin was illegal in Pakistan then the banking system Will be greatly affected.
By the way thanks for your kind comment and I appreciate that.
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