While some countries like Nigeria are aggressively pushing the use of central bank digital currencies (CBDCs), a new report summarized why a number of private stakeholders are against the idea of a CBDC. The report dubbed “The State of CBDCs in 2022,” published by blockchain insights firm Blockdata, dove into the most significant CBDC developments within the past year. It also pinpointed some of the key reasons why some private companies are against CBDCs. Citing stablecoin issuer Circle’s stance on CBDCs, the report highlighted that digital currency issuance may be better if left to the private sector and were left …

Regulators worldwide see central bank digital currencies (CBDCs) as a way to enhance fiat capabilities by inheriting the financial prowess of technologies that power cryptocurrencies. Pakistan joined this list by announcing new regulations to ensure the launch of an in-house CBDC by 2025. The State Bank of Pakistan (SBP) signed in new laws for Electronic Money Institutions (EMIs) — non-bank entities offering digital payment instruments — to ensure the timely issuance of a CBDC in the next three years. The World Bank helped Pakistan design the new regulations, according to local media Arab News. In addition to timeline adherence for …

When YouTube was banned in Pakistan, Reality TV-star Waqar Zaka "had no other option" than to turn to Bitlanders — an AI educational social platform, to monetize his content in Bitcoin (BTC). Cointelegraph interviewed Zaka for the latest episode of Crypto Stories to find out how this celebrity came up against the Pakistani government. Zaka claimed that the capital gains he was earning in Bitcoin were "nothing" in comparison to his YouTube earnings, but that no one believed in the origins of his newfound financial freedom. With goals of making his home country of Pakistan crypto rich, he decided to …

Last week saw an unlikely first move in the opening narrative battle around a prospective U.S. central bank digital currency: Congressperson Tom Emmer came forward with an initiative to legally restrict the Federal Reserve’s capacity to issue a retail CBDC and take on the role of a retail bank. This could be massively consequential as we are yet to see a similarly sharp-cut expression of an opposing stance. As a matter of fact, it is not even clear whether other U.S. lawmakers have strong opinions on the matter other than, perhaps, condemning privately issued stablecoins as a digital alternative to …

Arif Alvi, currently serving as the president of Pakistan, called for additional training in emerging technologies including blockchain, artificial intelligence, and cybersecurity while meeting with a delegation of blockchain technology experts. In a Monday announcement, Alvi said Pakistan’s talent pool should be ready to meet the needs of the Fourth Industrial Revolution, which included utilizing blockchain technology in the public and private sectors. According to the Pakistan president, the technology could be used as a government tool to track transactions, reduce corruption, and increase transparency. Among the panel of experts was Bitcoin SV advocate Jimmy Nguyen, founding president of the …

The State Bank of Pakistan (SBP) is reportedly seeking to ban all cryptocurrency transactions in Pakistan. Pakistan’s Sindh High Court reportedly held a hearing related to the legal status of cryptocurrencies in the country, in which several Pakistani authorities including the SBP submitted a document to the court, arguing that cryptocurrencies like Bitcoin (BTC) are illegal and cannot be used for trade. According to local news channel Samaa TV, the document cited at least eleven countries including China and Saudi Arabia that have opted to ban cryptocurrencies. The Pakistani central bank reportedly urged the court to not only ban cryptocurrency …

Pakistan's Federal Investigation Agency (FIA) reportedly issued a formal notice to crypto exchange Binance in an effort to identify links around a multi-million crypto scam in the region. The government of Pakistan started a criminal investigation after receiving numerous complaints against an ongoing scam that involved misleading investors into sending funds from Binance wallets to unknown 3rd-party wallets. According to local coverage, the FIA’s Cyber Crime Wing has issued an order of attendance to Binance Pakistan’s GM Hamza Khan to identify the exchange’s link to "fraudulent online investment mobile applications.” KARACHI: Federal Investigation Agency (FIA) has detected an online fraud …

Nasir Hayat Magoon, The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has stated that Pakistani citizens have a combined crypto assets value of $20 billion. During a news conference, the FPCCI president said that Pakistanis' digital currency valuations are based on the chamber's research paper, as per a local report. He urged the government to implement a cryptocurrency policy, pointing out that India has implemented some restrictions in this field, the report adds. In October, a study published by Chainalysis revealed that Pakistan had experienced a tremendous increase in cryptocurrency adoption during the previous year. …

The High Court of Sindh (SHC), the highest judicial body in Pakistan’s Sindh Province, has asked the government to come up with modalities for cryptocurrency regulation. According to Pakistani English daily The Express Tribune, the SHC gave the instruction while hearing a petition brought before the court challenging the legality of the country’s 2018 crypto ban. The SHC instructed regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with government agencies such as the Ministries of Information Technology and Law to develop crypto regulations within three months. As part of the proceedings, …

Pakistani blockchain-powered business-to-business (B2B) marketplace, Bazaar Technologies, has secured $30 million in the country’s largest Series A round to date. Bazaar announced the closure of its latest raise on Aug. 24, revealing that th Silicon Valley-based Defy Partners and Singapore’s Wavemaker Partners had led the funding round. The round also saw participation from dozens of other investors, including Endeavor, LinkedIn, Japan’s Saison Capital, and existing investors Indus Valley Capital and Alter Global. Bazaar claims to be the leading B2B marketplace platform for small merchants in Pakistan, serving 750,000 merchants spanning 400 towns and villages. Many of Bazaar's users are small …

Blockchain continues to occupy an unusual space in the contemporary technology sphere, with concepts such as “decentralization,” “transparency” and “immutability” continuing to slide between a purely technical meaning and a more overtly politicized one. Certain blockchain advocates — at least those still steeped in the libertarian ethos that has survived from its roots in the cypherpunk movement — continue to question the technology's implementation for projects like government defense contracts as well as its wider absorption into the traditional financial banking systems it was originally designed to circumvent. Earlier this week, Cointelegraph reached out to several executives at Fantom Foundation …

Many users on social media have started an online campaign for Pakistan Prime Minister Imran Khan to bring back pro-crypto adviser Zia Ullah Bangash. On Saturday, Bangash, the science, technology, and information technology adviser to Mahmood Khan, the chief minister of the Khyber Pakhtunkhwa province, announced he would resign his position. Bangash cited “unavoidable circumstances” in his decision to leave his advisory role in addition to responsibilities in his constituency — he previously served as a member of the provincial assembly of Khyber Pakhtunkhwa, or KP. Khan reportedly has not yet officially accepted his resignation. The sudden departure of a …