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Powerful Pakistan government and media officials appear to be contradicting the domestic populationâs embrace of bitcoin. Â
Also read:Â Pakistan Set to Become a Major Bitcoin Hub
Pakistan Government on the Defensive, Maybe
Karachi, Pakistanâs Dawn, a widely circulated and read periodical and website in English, is rather cosmopolitan. Covering bitcoin, however, its website curation seems to have a decidedly negative slant.
Pakistan Herald Publications Limited is Dawnâs owner, and its CEO is Hameed Haroon, noted regional journalist and member of a highly influential family in the country.
In one dispatch from Mr. Haroonâs flagship, reprinted all over the world, the headline announced, âFBR goes after bitcoin traders.â
Faisal Khanâs only evidence Pakistanâs government is paying any attention to bitcoin.
FBR is Pakistanâs Federal Bureau of Revenue, its principal collector of tax.
âThe top intelligence department,â the piece insisted, âis investigating cases where investors trade digital currencies probably to evade taxes or launder money.â
The sentence-inserted link refers to the siteâs own coverage of bitcoin reaching 1000 USD early this year. Not a single reference to FBR nor an investigation.
âA senior tax official said people evade tax and launder money using cryptocurrencies,â the article asserts without a single quote or reference. âThey buy bitcoin to launder their tax-evaded money [âŠ], adding that they park their black money out of Pakistan in many cases.â
Paraphrases are allowed, of course, but this drove news.Bitcoin.com to search relevant Pakistani government pronouncements on bitcoin specifically, cryptocurrencies generally.
Nothing.
The Dawn piece goes on in this manner, listing a veritable alphabet soup of agencies and investigators and laws employed to hunt bitcoin traders without citing a documented source.
Screen Shot of SBP by Faisal Khan, showing no reference to the bankâs position on bitcoin.What Blogs and Independent Sites Know
Faisal Khan, financial technology scout for venture capitalists and payments consultant, based in Turkey, blogged his similar bafflement.
After he too read the Dawn piece, he âwanted to explore the basis under which these raids are being conducted and wanted to comment on this further.â
He searched and searched.
Mr. Khan writes, âIâve searched [âŠ], trying to find any circular &/or notification, gazette, SRO, press release, etc. related to Bitcoin &/or Cryptocurrency â but I could not find it.â
His knowledge of Pakistanâs legal history is impressive, and he cites all the documents he examined.
âFor bitcoin to be considered for money-laundering,â Mr. Khan notes, âit has to be defined into an asset class whereby [bitcoin] has been declared [money] or some form of an asset as per âsomeâ legal definition in some law in Pakistan.â
He concludes, âRight now, the Government of Pakistan in no way recognizes [bitcoin] as legal tender or legal âanything.â It has no legal standing under any law in Pakistan.â
Since the series of articles in Dawn, bitcoin seems to be capturing the attention of Pakistani rupee holders anyway.
Localbitcoins exchange activity in the region as of this writing has risen exponentially, matching a global pattern.
Citing Japanâs approach, long-time Pakistani commodity trader Shahan Rehman urged acceptance âby a country compels people to jump on the bandwagon, increasing its price massively.â
As of now, official government pronouncements are not available to the public.
Are Pakistanâs laws on bitcoin just not available digitally? Is the government on purpose holding back? Tell us in the comments below.
Images courtesy of:Â Faisal Khan, Coin.Dance.
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The post Pakistan Government to Put the Searchlight on Bitcoin Traders Says Local Media appeared first on Bitcoin News.
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