There is very good news in terms of crypto, especially for Pakistan, because crypto was not legal in Pakistan and all the people who were working in crypto were trading crypto secretly because crypto trading was not legally allowed in Pakistan. Whenever people used to trade crypto through P2P, many accounts that were not owned by banks were suspended or blocked. And whatever trade was done through P2P was blocked to a large extent. But now the Ministry of Finance of Pakistan and people associated with the Ministry of Finance have thought that crypto should be legalized in Pakistan and it will be officially announced soon. But saying this, I am very happy that like other countries, work is being done on crypto in Pakistan and Pakistan is also going to launch its own digital currency that will work on blockchain. In this way, Pakistan, like other countries where crypto trade is legal, will also be legal in Pakistan. It is going to happen, but this process has just started and it will take a lot of time to complete this process, but it will not be long. We hope that in 2025, Pakistan will make its final legal law regarding crypto and cryptocurrency transactions will also start in banks. And all those people in Pakistan who trade crypto or transact crypto will be able to buy and sell crypto through banks. So the coming era is the era of cryptocurrency and only those people who are familiar with cryptocurrency and trade it will be successful in this era.
If cryptocurrency becomes legal in Pakistan and people trade crypto legally, then Pakistan can earn a lot of tax revenue, just as India and other countries have a tax on cryptocurrency, then Pakistan can also impose a tax on the cryptocurrency and connect it to the directory bank, and Pakistan can gain a lot of economic benefits because today the whole world is getting digitalized. If we look at Trump's policy in America, Trump is converting his country's reserves into cryptocurrency. Gold has now become the currency of the old world, but just as gold is important, silver is important, in the future, cryptocurrency will also be more important than gold because if you look at the price of BTC, traders and businessmen and countries all over the world are going to use Bitcoin as a reserve currency and regular legislation is being made on it. So the government of Pakistan should also start making crypto reserves now. Start keeping it because in the coming times, when the whole world will have reserves of cryptocurrencies Bitcoin, Ethereum and other best cryptocurrencies and they will use them for their economic condition, then those countries that are not yet paying attention to cryptocurrencies will have to face a lot of economic difficulties because in the coming times, those countries will be strong economically, those who have more digital assets and those who have those digital assets that will be acceptable all over the world. And in the coming times, just as today, if a country has the amount of gold it has, it can print its currency on that gold, then in the coming times, whenever any country prints its currency, it will print it physically, so it will have to print its currency when it has reserves of digital currencies Bitcoin, Ethereum or other cryptocurrencies. So the move that Pakistan has shown towards cryptocurrencies is very good and I consider it a positive step.
But if we look at the past 50 years, there have been finance ministers in Pakistan who had no knowledge of digital currency. I would say that those nations progress economically, whose leaders are educated, who have awareness, and who think for the nation and the country. I also pray that all the current and future rulers in Pakistan think about the people of Pakistan and take steps to make Pakistan better and better economically. Thieves and corrupt leaders never lead to the prosperity of the country and the nation. They always lead to the decline of the nation. A nation that does not have good leaders always lags behind economically, in terms of character, and in terms of development. So, I wish that Pakistan gets such leaders and rulers in the economic field who can lead Pakistan towards development. This step is good in every way that the government of Pakistan, the Ministry of Finance of Pakistan, and other people associated with these ministries are launching cryptocurrency legally in Pakistan and Pakistan has its own digital asset and Blockchain is also going to be launched and there is a need to take quick and immediate steps on it because if we have to compete with the world economically, we have to show speed in every aspect because if we convert every system to blockchain, our economic position will go up and up because whatever Pakistan invests on blockchain will help improve Pakistan's economic condition because today everyone knows the importance of blockchain and the transactions that are recorded on blockchain are secure in every aspect and no corrupt or fraudulent person can change it and thus peace will also end in the country because when the transaction of money will be done in a fair manner and which will be recorded and which no one can change, then corruption will also end in every institution of the country and the country will progress and the people who commit corruption will be afraid of this because their corruption will be revealed through blockchain transactions. Thus, Pakistan is taking positive steps regarding cryptocurrency.
If cryptocurrency becomes legal in Pakistan and traders are allowed to make transactions through banks, then Pakistan can collect taxes on every transaction. I would say that this tax should not be high, it should be appropriate because in some countries, very high taxes have been imposed on cryptocurrency and due to these taxes, investors do not invest in cryptocurrency and if they do invest, they invest in the wrong ways to avoid taxes. Because when any government imposes cruel taxes, the people will use other ways to avoid these taxes. So the government of Pakistan should make the minimum tax 10 percent and then on the amount of the transaction, the larger the transaction, the tax should be increased by one percent. But the less the transaction, the less taxes, so the connections between the government and the people will increase and people will gain confidence and people will trade more and more in the cryptocurrency. And thus will be able to compete with the whole world, so in this way Pakistan can now move forward economically. Pakistan's coffers will be filled due to cryptocurrency. If Pakistan legally allows cryptocurrency, because if any country does not use modern standards today and does not provide its people with its facilities, then those countries will be left behind by those countries that are moving forward through modern lifestyle and modern banking. Similarly, the D-Bank system is also an excellent system and I will call D-Bank a system of digital banking. These will be online banks. These banks are much better than the physical bank buildings that exist, which are digital banks where you can open your account online and store your digital currency there. Thus, today the world is moving towards digital currency, not only is it increasing, but it has increased and digital currency is being used in every country.
Currently, millions of Pakistanis trade cryptocurrency and billions of Pakistani dollars are lying on the cryptocurrency exchange, but all those billions of dollars are being traded illegally and the Pakistani government is not getting any benefit from it. Thus, those people believe that whenever they make a transaction through P2P, their accounts will be blocked. Now, since digital currency and cryptocurrency are being accepted legally in Pakistan, now all those traders will do their trade legally and will also show their feelings. In this way, the people of Pakistan will have this facility available all over the world that they can send capital to their country by trading digital currency. In this way, every wrong way of trading will be closed and people will get peace of mind because all Pakistanis who trade in cryptocurrency or who have invested in it were very worried and it is a good move of the government that they have started accepting cryptocurrency legally. If we Through cryptocurrency, phone bills, electricity bills, water bills and other utility bills will be able to be paid. In this way, those people of Pakistan who do not know about cryptocurrency yet will also start trading in cryptocurrency. I would say that the coming era is a golden era for cryptocurrency because if we look at it from today, two years ago, everyone considered cryptocurrency to be fake and a scam. But now cryptocurrency is being recognized as a legal currency and is being applied. Whether it is hotels, malls, markets, or buying and selling land or whatever is happening in cryptocurrency, now the era is changing and the currencies of all countries are also changing. In the coming time, just as people buy and sell online today, in this way, the online digital currency, the cryptocurrency that has been named, will be of each country's own. Each country will have its own crypto currency. In this way, the people of this country will monetize their cryptocurrency and If we promote cryptocurrency as it is, then the coming era will be the era of development and success of those countries that will accept cryptocurrency and digital assets as their country's reserves from now on. So I will also ask and request the government of Pakistan to create a system in which BTC and cryptocurrency reserves are collected and cryptocurrency reserves are purchased for Pakistan as much as possible and the government of Pakistan should invest in cryptocurrency and increase the reserves of its country. I thank you all very much for taking the time to read my article on Finance today. Thank you very much.
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