According to Waqar Zaka, Prime Minister wants to ban cryptocurrency exchanges and mining in Pakistan. Just after his claim, Pakistan’s first crypto entrepreneur urged social media users to launch the biggest protest ‘Dharna With Waqar Zaka’ to support the regulation of crypto. But why Zaka thinks this way? Why a prime minister of the country would want to ban digital currency?
What is cryptocurrency?
A cryptocurrency is a form of digital currency that is secured by cryptography. These are decentralised networks that allow secure payments online. They are denominated in terms of virtual tokens which are represented by ledger entries enforced by a disparate network of computers that are internal to the system i.e. blockchain technology.
In short, the main thing about cryptocurrency is that it is not controlled by any central bank or authority which makes it immune to government interference.
Waqar Zaka’s claim
According to Waqar Zaka, his sources have claimed that Prime Minister Imran Khan wants to ban crypto exchanges and mining. Zaka asserted that whether the premier is willing to regulate or ban crypto, nation will protest in favour of crypto.
The social activist called for ‘Dharna With Waqar Zaka’ in case Lahore court rules against Crypto Exchanges. Zaka also warned that he would not let the prime minister or anyone ban crypto in Pakistan. He also warned of consequences that a massive protest will be launched by the Pakistani crypto community if anyone tries to ban crypto in the country.
The support from netizens
Soon after his tweets, many social media users came in support of Waqar Zaka and a trend Dharna With Waqar Zaka’ started circulating on social media and supported the former host’s stance.
Crypto has a large community of people earning with it. Try to open your brains by learning about it instead of simply banning everything. If crypto or any exchange gets banned, it wont be good for the nation as the community will be on roads @ImranKhanPTI #dharnawithwaqarzaka
— TALHA RAJ (@TALHARA67107447) #DharnaWithWaqarZaka i am ready @ZakaWaqar if Government ban tecnology just because they are illitrate people in government who dont even know what is this. Please educate your self lern from El salvador Brazil Panama Korea Mr pm @ImranKhanPTI — Ali sayed (@ElectrifyingALI) October 17, 2021
#DharnaWithWaqarZaka@ImranKhanPTI . Dont ban exchanges & crypto .. Make it legal for youth of your country as we r already very depressed & don’t have any job . Be with your young generation @ImranKhanPTI .
— Mian Ateeb (@MianAteeb8) October 17, 2021
Attention @ImranKhanPTI @SECPakistan @StateBank_Pak if you banned cryptocurrency and crypto exchanges in Pakistan, a huge volume of youth will come out on the roads for our rights. #DharnaWithWaqarZaka #dharnawithwaqarzaka
— Hyder Khan (@HyderKh43220886) October 17, 2021
Attention @ImranKhanPTI We Want Crypto To Be Legalized in Pakistan. @ZakaWaqar will give you Pakistan’s 1st Crypto Exchange along with Digital PKR Coin free of cost, which bring a huge volume of revenue to Government of Pakistan. #DharnaWithWaqarZaka @SECPakistan @StateBank_Pak
— Muhammad Ahsan (@ahsantweet86) October 17, 2021
Waqar Zaka and cryptocurrentcy
Zaka earlier this year efficaciously convinced KP government for allowing him to run crypto mining farm, and as per the latest developments, mining machines running on hydropower have been installed in the KP region.
Cryptocurrency and Pakistan
The State Bank banned all cryptocurrencies for a brief period in 2018 and later lifted the ban. However, most people in Pakistan are trading Bitcoins via cash because of the ban on it. There was another Bitcoin trading platform urdubit but now they are not trading Bitcoins in the country.
It was the first Bitcoin trading platform of Pakistan. Another way to buy Bitcoin in Pakistan is face to face. You make a deal with a person face to face and in return, you give him or her payment in local currency.
Will Cryptocurrentcy be banned in Pakistan?
Cryptocurrencies are unquestionably legalised in the United States, but are essentially banned in Saudi Arabia and some other countries. Hence, their legality depends on each individual country. Although regulating crypto in the country can be a great benefit to Pakistan in terms of the amount of cash flow it can bring in.
