Reports on January 12 indicated that the “State Bank of Pakistan and the federal government have decided to ban the use of all cryptocurrencies.” This decision seems to have been made in a report submitted to the Sindh High Court, which had a few months ago asked the federal government to regulate cryptocurrencies in the country. While it remains unclear as to what the regulatory framework will be, it is concerning to see that policymakers are once again reneging on their duty to pursue smart regulation that promote innovation and entrepreneurship.
Pakistan has one of the highest rates of crypto adoption in the world, and while exact numbers of how many citizens have invested in crypto assets are not available, it is safe to argue that there are more individual crypto investors than stock market investors in the country. There are many reasons for this, key among them being the ease with which a citizen can open a crypto wallet, the allure of exponential returns, and the way in which the global crypto industry has leveraged democratized flows of information to generate a movement of believers. It is therefore no surprise that almost every conversation related to money around the world has some mention of crypto, blockchain, and Web 3 technologies.
At their core, these technological changes are ushering in a new internet, one that promises to be more decentralized and democratic. This promise of breaking the control of monopolistic gatekeepers ought to be viewed with...
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