Shabbar Zaidi warns crypto could serve as hawala alternative – Business
KARACHI: Pakistan cannot regulate cryptocurrencies within its current financial system, as the State Bank tightly manages foreign exchange, but virtual assets may still serve as an alternative to hawala, said former Federal Board of Revenue (FBR) chairman and economist Shabbar Zaidi.
Speaking at a session on Adopting Digital Currency and Cryptocurrency in Pakistan: Possibilities and Concerns, organised by the Pakistan Institute of International Affairs (PIIA) on Saturday, Mr Zaidi outlined the risks and opportunities surrounding digital currencies.
He said a law enabling cryptocurrency regulation has been passed and is under discussion in parliament. However, he stressed that digital or virtual currencies, by design, are difficult to…
