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Saturday, April 13, 2024

Pakistanis warn of ‘technology dharna’ over crypto ban

With #TechnologyMovementDharna among the top Twitter trends, the youth is warning of marching to D-Chowk in Islamabad to stage a sit-in against cryptocurrencies. Netizens also endorsed famous tv celebrity Waqar Zaka for the next prime minister.

As the government decides to ban cryptocurrency in Pakistan, the youth warns of staging sit-ins to protest against the ban. They also warned that they will not vote for PM Imran Khan in the next elections if the government proceeds with the ban.

With #TechnologyMovementDharna among the top Twitter trends, the youth is warning of marching to D-Chowk in Islamabad for the sit-in. Many Twitteratis announced the number of people they will march with from their respective cities all the way to Islamabad.

“I am from Fort Abbas, Bahawalnagar Punjab. At least 100 people stand with me on my call for Dharna,” one netizen wrote.

Earlier, the State Bank of Pakistan (SBP), along with the federal government decided to ban the use of all cryptocurrencies in Pakistan. They also submitted a report to the Sindh High Court (SHC) on Wednesday.

According to the report, cryptocurrency is illegal and could not be used for trade. It cited examples of at least eleven countries, including Saudi Arabia and China, who banned crypto.

Read more: Cryptocurrency is haram for Muslims: Top Indonesian Ulema

The report also refers to the recent investigation by the FIA against crypto exchanges such as Binance and OctaFx and the risk these exchanges posed for the investors.

The Sindh High Court ordered that the report be sent to the finance and law ministries for a final decision on the legal status of the cryptocurrencies.

The law and finance ministries will determine if a ban against cryptocurrencies would be within the ambit of the Constitution. Important to note, prior to the ban, there were no clear laws on crypto trading.


Waqar Zaka for PM?

Reacting to this, Pakistani youth caused quite a storm on social media. They criticized the government for preventing a tech revolution in Pakistan. Moreover, the youth also called that instead of banning cryptocurrency, the government should bring in laws to regulate it.

On another note, among all the protests, netizens endorsed famous tv celebrity Waqar Zaka for the next prime minister. To clarify, Waqar Zaka has always been a strong supporter of cryptocurrency and urged the government on several occasions to facilitate crypto trading in Pakistan.


Important to note, Waqar Zaka began publicly promoting Bitcoins by talking about a social media platform, Bit Landers. In 2018, Waqar Zaka became one of the first Pakistanis to speak at Blockchain Economic Forum, one of the biggest cryptocurrency and blockchain events held in San Francisco.

In a massive achievement, the KPK Government permitted Zaka to develop a hydro-power based ETH Mining farm. Through an investment of more than USD 200K, Zaka set up one of the biggest crypto mining farms.

Waqar Zaka also single-handedly fought court battles after which the court passed an order prohibiting authorities from arresting Bitcoin holders unless they engage in illegal activities, such as money laundering

In Wednesday’s hearing, petitioner Waqar Zaka pleaded with the court that cryptocurrencies be declared legal as a large number of Pakistanis were interested in them.

Read more: Waqar Zaka challenges Fawad Chaudhry to debate on cryptocurrency