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Friday, February 16, 2024

Waqar Zaka challenges Fawad Chaudhry to debate on cryptocurrency

Fawad Chaudhry earlier announced that Pakistan does not plan to legalize cryptocurrencies any time soon. He made the statement due to the lack of guarantee regarding digital currency. Reacting to this, Waqar Zaka said Fawad Chaudhry's statements are incorrect.

Famous TV celebrity, and a strong advocate for cryptocurrency, Waqar Zaka challenged Minister for Information and Broadcasting Fawad Chaudhry to an open debate on cryptocurrency.

To clarify, Fawad Chaudhry earlier announced that Pakistan does not plan to legalize cryptocurrencies any time soon. He made the statement due to the lack of guarantee regarding digital currency.

“There are no guarantees behind the currency. We cannot allow the use of any digital currency just on the basis of its trust level in the market,” he said.

Read more: Legality of Cryptocurrency: Legal & Islamic Perspective

Moreover, Fawad Chaudhry also highlighted Financial Action Task Force (FATF)’s conditions for cryptocurrency. The minister said due to FATF’s conditions, Pakistan cannot indulge in such a method of payment.

“We are also bound through FATF conditions to refrain from allowing any such mode of payment in the country,” Fawad Chaudhry said.

The federal minister also remarked that digital currencies do not offer a clear picture of their future value. However, he did acknowledge that the world will eventually need to evolve toward a unified digital payment system.

Waqar Zaka’s reaction to Fawad Chaudhry’s statements

Reacting to this, Waqar Zaka said Fawad Chaudhry’s statements are incorrect. Taking to Twitter, the Crypto expert also warned that PM Khan will destroy job opportunities by not allowing crypto.

Read more: Pakistan to regulate cryptocurrency industry on FATF advice

“Would like to have an open debate with Fawad Chaudhry regarding incorrect statement about FATF crypto rules / not allowing crypto in PAK anytime soon? Imran Khan will destroy NFT, Metaverse & Blockchain market and job opportunities by not allowing crypto,” Waqar Zaka said.

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.

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 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.

Read more: A cryptocurrency mining plant soon to be set up in Khyber-Pakhtunkhwa

Due to Waqar Zaka’s contributions to cryptocurrency in Pakistan, a cryptocurrency platform nominated him for the best influencer award. Binance nominated Waqar Zaka for the award. Binance is a multinational company in the Cayman Islands that buys and sells digital currency.