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Many in Pakistan were furious and indignant following the governments recent decision to outlaw cryptocurrencies in the country. Im taking a stand against the governments decision to ban cryptocurrency. Im challenging this decision in court and fighting for our right to use cutting-edge technologies, Umair Orakzai, a crypto-influencer said. Another crypto-focused community, Crypto Awaz, has questioned the lawmakers about the rationale behind imposing a blanket ban on digital currencies, instead of regulating it. Ergo, its worth looking at the state of cryptocurrency in Pakistan.

The controversy began after the Pakistani government outrightly rejected the notion of legalizing cryptocurrency trading, leaving the nations expanding community of crypto-aficionados in a quandary. At a session of the Senate Standing Committee on Finance and Revenue, Minister of State for Finance and Revenue Aisha Ghaus Pasha said that banning cryptos is one of the requirements put forward by the Financial Action Task Force (FATF) which removed Pakistan from its grey list last year.

Here, the FATF is the global money laundering and terrorist financing watchdog which removed Pakistan from its increased monitoring list after four years.

The move got support from officials of the countrys central bank. State Bank of Pakistan (SBP) and the Minister added that the SBP and IT Ministry have started preparing the draft for the legislation.

However, many among Pakistans crypto-community are not convinced. For instance, well-known YouTuber and crypto-influencer Waqar Zaka questioned why Pakistan is being refused access whereas the UAE, which is also on the grey list, continues to grow as a crypto-hub.

The ban on the trading of virtual assets in the South Asian nation hasnt come like a bolt from the blue. In 2018, SBP issued a circular stating that digital assets like Bitcoin [BTC] and Litecoin [LTC] were not recognized as legal tender by the government. It also directed banks and other financial service providers not to deal with cryptocurrency exchanges.

According to Pakistans Express Tribune, the government had set up three distinct committees to decide whether to establish a legal framework for cryptos or ban it. One of the committees headed by the Deputy Governor of SBP proposed to ban the use of cryptos in the country in January 2022.

The usage of cryptos has increased significantly in Pakistan in recent years. The country was ranked third in the Global Crypto Adoption Index for 2020-21, according to blockchain data platform Chainalysis. Quite understandably, this happened during the famous bull cycle which saw Bitcoin exploding from $9,000 to $69,000.

Moreover, a research study conducted by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) revealed that Pakistanis held nearly $20 billion in crypto-assets during 2020-21, reflecting an astronomical increase of more than 700%.

However, owing to the broader market downturn and the aforementioned regulatory crackdown, the country slipped to sixth position in the 2022 report. Nevertheless, the data also revealed that there is a higher level of awareness and demand for virtual currencies in the nation.

Pakistan is in the grip of a severe economic crisis, characterized by soaring inflation, mounting public debt, and rapidly falling foreign exchange reserves. The Pakistani rupee (PKR) has plunged to record lows against the U.S. Dollar (USD), with one dollar being equivalent to 286 Pakistani rupees at the time of publication.

In the event of such devaluation, cryptos like stablecoins could have acted as a hedge against price fluctuations. As stablecoins like Tether [USDT] are pegged to a stable asset like USD, people can convert their savings into stablecoins to get exposure to the dollar.

In essence, cryptos have been found to be beneficial for countries going through political and financial instability. Chainalysiss report also noted in its observations that countries in lower middle and upper middle income countries tend to have a greater reliance on cryptos than other countries.

Ergo, only time will tell us about the final state of cryptocurrencies in Pakistan.

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Cryptocurrency in Pakistan To ban or not to ban is not just an FATF question - AMBCrypto News

London, UK, May 19, 2023 (GLOBE NEWSWIRE) -- With the new development, ChatCrypto is set to revolutionize the cryptocurrency market with its recent seed funding round. The platform managed to sell out its seed round within 24 hours from its beginning. The platform offers powerful technology in the field of AI and continues to captivate investors and enthusiasts alike.

Chatcryptos AI face Morpheus; Morpheus is a AI face of chatcrypto that makes people and community grow like a rocket speed

ChatCrypro offers a strong technological foundation and strives to revolutionize secure communication for the global community. The investors attracted enthusiasm in purchasing CCAIT tokens, recognizing the potential of ChatCrypto to shape the future of the AI market within the crypto space. The platform provides exceptional services in the seed round and solidifies its position as a leader in the AI market within the crypto space. The platform focuses on integrating AI into its ecosystem. By harnessing the power of AI, ChatCrypto is able to offer advanced features, enhance user experiences and improve the overall security of its platform.

With the seed round sold out in record time, ChatCrypto intends to gear up for additional funding rounds. It attracts investors and serves as a testament to a platforms robust technology. By leveraging the AI algorithm and machine learning capabilities, ChatCrypto aims to deliver cutting-edge features and services that meet the evolving needs of its users.

In addition, ChatCrypto gives transparency and ethical AI practices. It also provides data privacy by taking proactive steps to ensure the users that the ChatCrypto platform is secure. It includes strong data protection measures, as well as working to promote diversity and inclusivity within the community.

Furthermore, with its impressive growth, ChatCrypto is poised to make a significant impact in the AI industry. The platform moves forward with its seeds round and will constantly innovate and utilize the latest technology and will be more secure.

About ChatCrypto:

ChatCrypto is a blockchain company that aims to revolutionize the cryptocurrency market by introducing cutting-edge technology and the latest innovations. The company continues to advance and secure additional funding. Its innovative approach to AI-driven communication solutions is set to make a lasting impact in the crypto space.

Website|Telegram|Twitter

Disclaimer: The information provided in this press release is not investment advice, financial advice, or trading advice. It is highly recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.

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ChatCrypto Waves in the Cryptocurrency Market, Leading to their ... - GlobeNewswire

May 18, 2023 by Diana Ambolis

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In recent years, cryptocurrencies have gained significant popularity as a decentralized and digital form of currency. With their rising prominence, however, comes the increased risk of cyberattacks and hacking attempts targeting these valuable assets. Protecting your cryptocurrency from hackers requires diligent security practices and a proactive approach to safeguard your digital wealth. By implementing a

In recent years, cryptocurrencies have gained significant popularity as a decentralized and digital form of currency. With their rising prominence, however, comes the increased risk of cyberattacks and hacking attempts targeting these valuable assets. Protecting your cryptocurrency from hackers requires diligent security practices and a proactive approach to safeguard your digital wealth. By implementing a series of preventive measures and staying informed about the latest security trends, you can learn how to protect cryptocurrency from hackers. This guide will outline some essential steps and best practices to help you fortify the security of your cryptocurrency holdings by letting you know how to protect cryptocurrency from hackersand, even if you fail, how to report a cryptocurrency hack.

By following these tips, you can help to protect your cryptocurrency from hackers. Remember, cryptocurrency is a new and emerging technology, and it is important to be aware of the risks involved.

Also, read Top 12 Crypto Hacks In Recent times And What We Learn From Them

If you believe that your cryptocurrency has been hacked, it is important to report the hack to the appropriate authorities. You can report the hack to the following organizations:

In addition to reporting the hack to the authorities, you should also take steps to protect yourself from further losses. You should change your passwords for all of your cryptocurrency accounts and enable two-factor authentication (2FA) for all of your accounts. You should also consider moving your cryptocurrency to a new wallet.

Cryptocurrency is a new and emerging technology, and it is important to be aware of the risks involved. By following the tips in this article, you can help to protect your cryptocurrency from hackers.

Here are some additional tips to help you stay safe:

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How To Protect Cryptocurrency From Hackers And How To Report A ... - Blockchain Magazine

From Bitcoin to Ethereum, cryptocurrencies are a much-hyped alternative method of payment that have been making headlines for the past few years. But the big question thats beginning to arise is whether the energy expended on these virtual transactions could actually be having a very real detrimental impact on the planet. So, were here to ask: are digital denominations the face of the future, or something that could break the bank?

Cryptocurrencies use advanced cryptography to create secure financial transactions, giving rise to their name. Rather than having physical cash, or transactions going through banks for verification of funds, cryptocurrencies are decentralised they require no central bank or clearing house. Transactions take place between digital wallets, and are recorded on the blockchain, which is a public ledger.

But where does this money come from? Founded in 2009, Bitcoin was the original digital currency, and remains the most recognisable today. Coins are created through a process called mining, which requires specialised computers to solve intricate mathematical puzzles to find a specific number. The first to find a number which meets the networks difficulty target is declared the winner, and is rewarded with Bitcoin. In essence, a Bitcoin can be likened to a unique serial code on a banknote. However, given its not a physical item, its value is determined by users agreeing upon its worth.

You can also buy Bitcoins with traditional currency, which will add units of crypto to your digital wallet, accessed with a key that allows you to transfer these units to others.

Crypto was created due to concerns around the stability of the modern financial system, with numerous banks being bailed out by the government in recent years, including Lloyds Banking Group and Natwest in 2008, while others like Bradford & Bingley went under. By focusing on peer-to-peer transfers, and eliminating third parties to verify funds, users arent affected by the banks success or failure. Additionally, data is stored in your personal wallet, and can only be accessed with a private key.

Operating on decentralised networks means cryptocurrencies are not subject to government regulations or interventions, and given there are caps on the total number of currency available, e.g. a limit of 21 million Bitcoins was created, its believed this could protect against inflation. With a finite amount available, as demand increases, the value will rise in line with the market, theoretically.

ID checks typically performed in banks dont apply here, which can expedite the process, allowing anyone with internet access and a smartphone to utilise it. Plus, the public ledger, Blockchain, offers full transparency of transactions.

However, there are important considerations. Given the rise in online banking, contactless cards, and Apple Pay, the drive towards a cashless society might make life simpler for some, but frustrating for those less confident with technology. Then, there are the worries of losing access to your money if you forget your digital key, along with concerns around the price being highly volatile, and a lack of financial protection.

Transactions using digital currencies might sound more straightforward theres nothing physical to create, distribute, house But its the process of validating and minting coins, known as mining, that requires a monumental amount of energy. For reference, the Digiconomists Bitcoin Energy Consumption Index reports that the annual Bitcoin carbon footprint is comparable to the whole of Sweden, with a single transaction using 778 KwH (equivalent to the consumption of a typical US household over 26.67 days).

Additionally, the mining process requires special hardware for this single purpose, which is obsolete after about 18 months, contributing significantly to waste; according to Digiconomist, a single Bitcoin transaction produces 434g of e-waste, compared to 40g created by 10,000 Visa transactions.

In a closer look at the climate cost of producing Bitcoin, a study in the journal Scientific Reports found the climate damage created was 35% of the market value generated similar to beef at 33%. While mining isnt the only means of validating crypto transactions, it was the primary one used by both Bitcoin and Ethereum, the leading types, until very recently. In September 2022, Ethereum replaced the proof-of-work mining method with proof-of-stake in an event called the Merge, which reduced its power requirements by 99.84%! For context, that reduction is similar to the total power required for Ireland, according to the journal Patterns.

So what next? Switching to renewable energy sources to power mining would be a clear first step, or implementing carbon offsetting measures for an immediate effect. Using Ethereums Merge as a blueprint for rolling out proof-of-stake elsewhere would be highly effective as well, but may take time due to the cost.

While virtual transactions are looking like a reality moving forwards, its essential that investment is made to ensure the set-up is sustainable. Cash may become a thing of the past, but we still need our virtual money to be green.

Originally posted here:

What is the environmental cost of using cryptocurrency? - Happiful Magazine

Cryptocurrencies, particularly Bitcoin, have gained significant traction in recent years as a decentralized form of digital currency that offers potential for financial freedom and innovation. With growing mainstream acceptance, it becomes crucial for cryptocurrency enthusiasts to explore the top Bitcoin-friendly countries where the legal status of Bitcoin is favorable and opportunities abound. This article will delve into the legal landscape tobuy Bitcoin with a debit cardin five countries that have emerged as havens for cryptocurrency enthusiasts: The United States, Japan, Switzerland, Malta and Singapore.

Country 1: United States

As the world's largest economy and a global financial hub, the United States has played a significant role in the adoption of Bitcoin. In the U.S., the legal status of Bitcoin is determined at the federal level, and it is recognized as property by the Internal Revenue Service (IRS). This means that Bitcoin transactions are subject to capital gains tax, and businesses that accept Bitcoin as payment are required to report it as income.

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However, despite the regulatory framework, the U.S. has witnessed a growing adoption of Bitcoin by businesses and consumers. Many major companies accept Bitcoin as a form of payment. Moreover, several states, such as Wyoming and New York, have enacted favorable regulations to attract Bitcoin-related businesses, making them popular destinations for cryptocurrency enthusiasts.

Country 2: Japan

Japan has a unique history with Bitcoin, having experienced a major cryptocurrency exchange hack in 2014 that led to regulatory reforms. Since then, Japan has become one of the most Bitcoin-friendly countries in the world. In April 2017, Japan recognized Bitcoin as a legal payment method, providing a regulatory framework for cryptocurrency exchanges to operate.

Japan's Financial Services Agency (FSA) has established a licensing system for cryptocurrency exchanges, ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. This has helped create a robust and regulated cryptocurrency ecosystem in Japan, with several major exchanges operating in the country. Additionally, Japan has witnessed the growing acceptance of Bitcoin among consumers, with many retailers and businesses accepting Bitcoin as payment.

Country 3: Switzerland

Switzerland has gained a reputation as a global hub for blockchain and cryptocurrency businesses thanks to its progressive approach to regulation. The Swiss Financial Market Supervisory Authority (FINMA) classifies cryptocurrencies as assets, and their regulation focuses on anti-money laundering (AML) and securities laws.

Switzerland has also implemented a favorable tax treatment for cryptocurrencies, making it attractive for Bitcoin investors. Bitcoin transactions in Switzerland are exempt from value-added tax (VAT), and capital gains tax is only applicable if Bitcoin is held as a business asset. This has encouraged the growth of a vibrant ecosystem of Bitcoin and blockchain companies in Switzerland, with the city of Zug, also known as "Crypto Valley," becoming a hub for blockchain innovation.

Country 4: Malta

Malta has emerged as a pro-cryptocurrency destination, aiming to become a global hub for blockchain and cryptocurrency businesses. Malta has enacted a comprehensive regulatory framework known as the Virtual Financial Assets (VFA) Act, which provides a regulatory framework for cryptocurrency exchanges, wallet providers and initial coin offerings (ICOs).

The VFA Act establishes a clear legal framework for cryptocurrencies, promoting transparency, investor protection and business innovation. Malta's favorable regulatory environment, along with its efforts to attract cryptocurrency businesses through tax incentives and grants, has led to the establishment of a vibrant cryptocurrency ecosystem in the country. Many major cryptocurrency exchanges have set up operations in Malta.

Country 5: Singapore

Singapore has emerged as a leading financial and technological hub in Asia, and it has also embraced Bitcoin and cryptocurrencies. In Singapore, the regulatory approach towards cryptocurrencies is pro-business and innovation friendly. The Monetary Authority of Singapore (MAS) has implemented a robust licensing regime for cryptocurrency exchanges and wallet providers, known as the Payment Services Act (PSA).

Under the PSA, cryptocurrency exchanges and wallet providers are required to obtain a license to operate in Singapore, ensuring compliance with AML and KYC regulations. Singapore has also implemented a Goods and Services Tax (GST) exemption for cryptocurrencies, making it more attractive for businesses and consumers to use Bitcoin for transactions.

Singapore has witnessed growing adoption of Bitcoin and other cryptocurrencies, with many businesses accepting Bitcoin as payment. The country has also seen the emergence of blockchain and cryptocurrency start-ups, supported by government initiatives to promote innovation in the fintech sector.

Conclusion

As the popularity and acceptance of Bitcoin continue to grow, it becomes crucial for cryptocurrency enthusiasts to be aware of the legal landscape in different countries. Whether it's the business-friendly environment of the U.S., the progressive regulations of Japan, the blockchain innovation in Switzerland, the comprehensive framework in Malta or the fintech hub of Singapore, these countries provide attractive options for cryptocurrency enthusiasts to explore and thrive in the world of Bitcoin.

If you're a cryptocurrency enthusiast looking for Bitcoin-friendly countries to explore, these five countries should be on your radar. From regulatory frameworks to tax treatment to business opportunities, these countries offer favorable environments for Bitcoin adoption and innovation.

Lee Enterprises newsroom and editorial were not involved in the creation of this content.

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Exploring the top Bitcoin-friendly countries for cryptocurrency ... - Missoulian