Govt, SBP recommend complete ban on cryptocurrencies

[StormBreaker]

Gold is better than dollars let alone crypto.

Just because the gambling potential is low doesn't mean it is worse.

Yea, “GAMBLING”,

Ok.

Better I invest in Nasla Tower, Or Falaknaz or Saima or Bahria Town or DHA Valley or AFS or Malir residency, All of which are in the Very range of us middle class people and later on we wait for our doomed ill fated luck thanks to the state and its elements all working against common man, Against the interest of common people,
Destroy Nasla tower, Fu*k up Bahria town, Put a claim over DHA Valley for dam land, Pull out a list of 26+ top notch high rise projects out of nowhere while there construction are 50-70% complete and then demolish them.

Yea, Like we have too many opportunities in this Corrupt pro max nation.

It feels really really bad to say this for my country but sentiments take the better of me nowadays thanks to the Nasla act.

Death is better than life Atleast. Reminds me of the Hadith “A time will come when a person passes by a grave and would wish to be rather inside”.

Business, Trading, Everything is a gamble. It’s a matter of perspective and understanding. It all comes down to the risk factor, High risk, Low risk, Mid Risk.

If Crypto is being used by institutions and they are investing heavily, Countries are regularizing a so-called “scam”, I wonder why they don’t take advices from @HalfMoon whether if they are falling into scam or not

 

[Patriot forever]

and what is GOV ? we have seen them melting in minutes and hours .GOV it self is no one to be back something . only solid things can back another GOLD SILVER R/E OIL can back a paper at least they have real value . what value gov have ? they have a press machine they print fancy paper and they say its backed by us lolllz . dont you see how gov went in .com bubble time ? i will prefer a bank note backed by two donkeys then govs , at least i can grab donkeys when i need to exchange what power i have to get anything from gov ? its loosing value like dry sh1t man .

Not the government, the state.

The stronger and economically stable state is the same is translated in currency.

Your currency is worthless without the exports and remittances because without them central bank can not back your currency.

This is the reason why state Bank should be independent and not act like a money printer. It only results in inflation and devaluation unless you are America.

The same reason you can buy imported petrol with the fancy paper is because SBP backs it and is paying in dollars for that petrol and made it so it can be bought with rupee.

 

[Imran Khan]

Not the government, the state.

The stronger and economically stable state is the same is translated in currency.

Your currency is worthless without the exports and remittances because without them central bank can not back your currency.

This is the reason why state Bank should be independent and not act like a money printer. It only results in inflation and devaluation unless you are America.

The same reason you can buy imported petrol with the fancy paper is because SBP backs it and is paying in dollars for that petrol and made it so it can be bought with rupee.

no matter what at the end its worthless paper backed by few board members or lets say state in both ways its useless as treasure . its ok for daily use but its not wealth sir . its loss value badly and the syste, in totally failed. world is forced to use it othersie its not wealth at all , gold agri land and and others can be wealth and useful but this tissue paper s not . your views about currency are not so deep TBH . tell me if power breakdown in world 93% of that fiat will be vanished in seconds

 

[Patriot forever]

no matter what at the end its worthless paper backed by few board members or lets say state in both ways its useless as treasure . its ok for daily use but its not wealth sir . its loss value badly and the syste, in totally failed. world is forced to use it othersie its not wealth at all , gold agri land and and others can be wealth and useful but this tissue paper s not . your views about currency are not so deep TBH . tell me if power breakdown in world 93% of that fiat will be vanished in seconds

Gold etc are on an another level and will remain so till the end of times.

 

[Norwegian]

It's not a scam. Its a digital currency not controlled by any government. All the big players are trying to curb it until they can catch up and have thier own currencies.

The Chinese banned crypto mining and issued thier own coin. Venezuela is using its own cryptocurrency. El Salvador accepts bitcoin.

Yes right now it could go all ponzi, but as soon as a legitimate market for them is established where you can exchange them for goods - suddenly its real.

Just like any other currency they're backed by consumer confidence. Nobody should bet the house on it, but its quick easy money to make. Sensible traders buy, wait for it to rise and then sell. Most people don't hold on for ages.

Unregulated Crypto is a scam. Digital currency backed by a national central bank is not. Get the picture?

 

[TNT]

Why don't you tell us how much forex exchange we earned from crypto?

The reality is we lost $20b in forex exchange. The precious forex we lost not earned. Thats almost 1 year of our exports.

Asfar as mining is concerned anyone mining with our electricity rates will be at a loss, 4 cent / kwh is the break even point depending on the efficiency of system.

With the current chip prices and to make it viable solar is a must it will be a long time to just make the initial investment back.

Nodoubt the potential is there but we are not in a situation to take that risk.

The state should have stopped the capital outflow of forex since the beginning. You want to earn it mine it and bring back revenue to your country, not use state limited dollars so you can gamble or launder money.

I think u dont understand the dynamics of crypto. We invested "worth" $20b not 20b dollars. PKR is directly converted to digital currency mostly. In essence it is giving more value to the currency by becoming a new interchangeable commodity and enhance circulation of wealth.
The dumb excuse of danger of losing money due to high volatility is just a dumb excuse, as if the govt really cares about us. People have earned huge sums overall and its not gambling. I invested and within weeks got my investment double, took out the investment and now still am 2x above my initial investment, i dont care if i lose all because ive already taken out my investment quickly.
Minning i mentioned run of the river, its cheapest way. China have itself earned billions from crypto. The biggest danger of crypto is to traditional banks and all this govt crackdown is because of that. Its bad for banks but good for people. How would bankers get a hundred million Rs bonus if ppl put money in crypto.

 

[Norwegian]

I think u dont understand the dynamics of crypto. We invested "worth" $20b not 20b dollars. PKR is directly converted to digital currency mostly. In essence it is giving more value to the currency by becoming a new interchangeable commodity and enhance circulation of wealth.
The dumb excuse of danger of losing money due to high volatility is just a dumb excuse, as if the govt really cares about us. People have earned huge sums overall and its not gambling. I invested and within weeks got my investment double, took out the investment and now still am 2x above my initial investment, i dont care if i lose all because ive already taken out my investment quickly.
Minning i mentioned run of the river, its cheapest way. China have itself earned billions from crypto. The biggest danger of crypto is to traditional banks and all this govt crackdown is because of that. Its bad for banks but good for people. How would bankers get a hundred million Rs bonus if ppl put money in crypto.

Crypto is a fraud. You can't check out billions of dollars from the crypto market as it would crash the market itself. Exchanges have set limits and bars on check out for this reason. Sure govt of Pakistan can make loads of money on crypto by sanctioning a crypto exchange which would attract billions of dollars to Pakistan. But who would trust a govt which is well known worldwide for being corrupt and incompetent? If such an exchange suffers a crypto hack, it's govt of Pakistan that would be held liable to pay the damages to international investors

 

[Maula Jatt]

I think u dont understand the dynamics of crypto. We invested "worth" $20b not 20b dollars. PKR is directly converted to digital currency mostly. In essence it is giving more value to the currency by becoming a new interchangeable commodity and enhance circulation of wealth.
The dumb excuse of danger of losing money due to high volatility is just a dumb excuse, as if the govt really cares about us. People have earned huge sums overall and its not gambling. I invested and within weeks got my investment double, took out the investment and now still am 2x above my initial investment, i dont care if i lose all because ive already taken out my investment quickly.
Minning i mentioned run of the river, its cheapest way. China have itself earned billions from crypto. The biggest danger of crypto is to traditional banks and all this govt crackdown is because of that. Its bad for banks but good for people. How would bankers get a hundred million Rs bonus if ppl put money in crypto.

I don't think so
can someone double check this claim- (@Patriot forever,@Norwegian )
if its true than sounds cool to me- yeah I think its a dumb pony scheme and people should be careful
but its peoples money, they wanna get ripped of so be it (although it'll cause problems in domestic economy if we lose 20$ B worth of investment in crypto or the whole crypto things collapsed it'll send shockwaves in Pakistan )
As long as it's not effecting forex, if it is than f-it

Also I am 1000% most of this more than 20B is black money laundering money

 

[SaadH]

Neither does gold or any fiat currency.

Gold is a physical tradeable commodity and fiat currency is backed by the economic/military power of it's respective country.

US Dollar is the reserve currency of the world because it is backed by 12 nuclear powered aircraft carrier battle groups of US Navy, which has thrice the firepower of all other countries' carrier battle groups combined.

 

[SQ8]

Crypto is the new Hawala/Hundi in Pakistan

 

[blueazure]

Anything can have a fake / artificial value but I am more interested in uses of crypto. Can you name any?

Both gold and fiat currencies have tons of uses. What's the uses of crypto?

1 . crypto cant be banned

2. v difficult to steal

3 . anonymous

4. use case -
staking to earn fees
lending to earn interest
use crypto to buy US stocks ( via ftx)
use crypto to participate in metaverse
use crypto as an inflation hedge


its finance 2.0

 

[Pakistan First]

Can someone please send a consignment of loose motion tablets to Waqar Zaka ?

 

[TNT]

Crypto is a fraud. You can't check out billions of dollars from the crypto market as it would crash the market itself. Exchanges have set limits and bars on check out for this reason. Sure govt of Pakistan can make loads of money on crypto by sanctioning a crypto exchange which would attract billions of dollars to Pakistan. But who would trust a govt which is well known worldwide for being corrupt and incompetent? If such an exchange suffers a crypto hack, it's govt of Pakistan that would be held liable to pay the damages to international investors

Only people who dont understand block chain technology calls it fraud. Since tje launch of bit coin ppl been calling it fraid and it keeps growing. Today we have a whole deFi (decentralized financing) systems that help run businesses. We have NFTs and due to blockchain technology people now can earn from playing games and not just waste time. Its a revolution and people stuck in the past are not able to see the future.
In blockchain everything is public, every transaction, every transfer everything is public, so how can u use it for fraid or laundering?? Imagine a govt that has its whole financial system running on blockchain, every penny in and out will be public, how will anyone do corruption??
The biggest opponents of blockchain are the bankers and corrupt mafias because crypto ends their monopoly. You should study it before calling it fraud uncle ji.

 

[TNT]

I don't think so
can someone double check this claim- (@Patriot forever,@Norwegian )
if its true than sounds cool to me- yeah I think its a dumb pony scheme and people should be careful
but its peoples money, they wanna get ripped of so be it (although it'll cause problems in domestic economy if we lose 20$ B worth of investment in crypto or the whole crypto things collapsed it'll send shockwaves in Pakistan )
As long as it's not effecting forex, if it is than f-it

Also I am 1000% most of this more than 20B is black money laundering money

Since years i invest in crypto in the millions and have never used dollar, instead i use my PKR to buy USDT and trade with it and when i earn, i convert the USDT back to PKR. I have invested for other ppl and not a single person have ever lost a penny. Yeah the market crashes but wait a month or two and its back up. Apart from overseas Pakistanis, who would obviously use local currency to buy USDT, i dont see how ppl in Pakistan would use forex to buy crypto.
For a country like Pakistan its a great opportunity but the IMF agents like raza baqir in SBP are not allowing it. If we launched digital PKR and alllwed exchanges and minning, we could easily earn north of $50 billion a year.
Do u think the govt cares abt ppl money? They want ppl to put money in banks so they can earn from our money. If govt is so worried abt ppl money then why not crackdown on the countless ponzy schemes and multi level marketing frauds. Why fraudsters like double shah and others are not brought from abroad through interpol or other ways?

 

[HalfMoon]

what about fiat currency issued by govs ? they are paper only worth nothing not even tissue papers 93% of that fiat currency is also digital currency only 7% is printed one . if gov do this its ok if someone else do it they put him in jail .

Fiat currency whether Paper or Digital is back by the government while Crypto currencies are not. On the contrary they are being banned.

Only people who dont understand block chain technology calls it fraud. Since tje launch of bit coin ppl been calling it fraid and it keeps growing. Today we have a whole deFi (decentralized financing) systems that help run businesses. We have NFTs and due to blockchain technology people now can earn from playing games and not just waste time. Its a revolution and people stuck in the past are not able to see the future.
In blockchain everything is public, every transaction, every transfer everything is public, so how can u use it for fraid or laundering?? Imagine a govt that has its whole financial system running on blockchain, every penny in and out will be public, how will anyone do corruption??
The biggest opponents of blockchain are the bankers and corrupt mafias because crypto ends their monopoly. You should study it before calling it fraud uncle ji.

The issue is not with the technology but recognition.

Only Government backed Cryptos like Chinese Digital Yuan will have value.

Crypto currencies not backed by the governments will die and go to zero one day.