Hello there. This is lucky ali and most welcome here. The headline is catchy because it is shocking for many people and especially for indians because in india, crypto is taboo for the government and they always try to wipe out crypto and the recent crazy taxation and TDS are the proof that this governments wants to kill crypto in the country but it seems like pakistan is trying to improve in this speicific sector which is good.
I want the government of india to follow the footsteps of the US, Dubai, Thailand, El Salvador, and Pakistan so that we can be an early adopter of this technology. The good thing is that Pakistan will follow fair taxation with crypto, and according to the data, it will not be more than 5% to 10%, which is perfect taxation and fair for every group of people.
The FPCCI proposes a tax for converting cryptocurrencies to Pakistani rupees, a 5% tax on encashing cryptocurrencies held as deposits in foreign exchange accounts, and a 10% tax on encashing cryptocurrencies held as deposits in Roshan Digital accounts.9 Jan 2024
This is a perfect proposal, and it will help technology to evolve.
The recent big update is that Changpeng Zhao is now the strategic advisor of the Pakistan crypto council, and this is something that is unexpected for me. Now, the main motive is to build a regulated and competitive crypto ecosystem.
CZ to advise Pakistan Crypto Council on regulation and Web3 adoption
Pakistan Crypto Council (PCC) is operated from Pakistan, as you can see in the name. Now, CZ is appointed as a strategic advisor to this council. During a high-level meeting of finance and crypto chaired by Senator Muhammad Aurangzeb, the announcement was made. Muhammad Aurangzeb is the Finance Minister of Pakistan and also the chairman of PCC.
The Chairman of the PCC, Senator Muhammad Aurangzeb, said,
“This is a historic moment for Pakistan. With CZ, we are rapidly advancing our vision to make Pakistan a regional power for Web3.”
It is a good step towards Blockchain and crypto education, Blockchain infrastructure, and crypto regulation and management, and this will also help Pakistan to develop. CZ also said that Pakistan is a country of 240 million people and the most important thing is 60% people have age of 30 or less. That's the reason Pakistan has opportunities.
PCC plays a vital role here, and the mission of PCC is to stand with countries like Singapore and Switzerland in the crypto and technology field. These countries are crypto hubs, and PCC wants to make Pakistan a crypto hub. So this is a very nice update from our neighbouring country. I hope this will impact our country, too, so that the government can think positively regarding crypto.
This is a nice and positive update for the crypto community. What is your opinion regarding this information? Let me know in the comments section. Also, do not forget to share this article on social media using proper tags. I'll meet you in my next blog. Till then, take care.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |