Pakistan recently reversed its earlier position and tried to regulate digital assets as legal currency.
Recent US measures under Donald Trump that promote Bitcoin may have an impact on the crypto shift.
In a change from its prior position on cryptocurrencies, Pakistan has suggested using spare electricity for Bitcoin mining. At its inaugural meeting, the recently established Crypto Council, headed by CEO Bilal Bin Saqib, presented the strategy. According to Coinfomania, senior government officials back the initiative, which seeks to use excess energy to turn Pakistan into a crypto powerhouse.
In the meantime, there has been bullish momentum in the price of Bitcoin. A move towards a strong resistance level is shown by the BTCUSD H1 chart. A breakout might make the rising trend stronger and draw in more intraday buyers.
Pakistan Adheres to Trends and Legalizes Crypto:
This action signifies a change in policy. Authorities had previously insisted that cryptocurrencies will not be legalized because of worries about Financial Action Task Force compliance. In line with international trends, Pakistan modified its strategy on November 4, 2024, and started regulating digital assets as legal money.
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