Will India’s Crypto Platforms Move To Pakistan If Banned By Modi?

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Last Updated on 13 November 2020 by CryptoTips.eu

Jeroen Kok

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Although crypto business is still booming in India, the fear of a possible ban by the Modi government remains. Certainly now that the Prime Minister of India has lost a major role model through the defeat of Donald Trump, and with Covid-19 still ravaging India’s economy, some wonder which magic trick he will pull to distract the public’s attention from a certain economy hardship set to wreck the subcontinent.

One of the possible solutions to distract from personal criticism would be for Modi to ban crypto trading in India, a major growing market for one of the world’s largest economies. If this were indeed to pass, some could wonder where to operate from next.

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Global use

The solution could be just around the corner as Pakistan, India’s neighbor (and arch-enemy) has just published a consultation paper on regulating digital assets.

Pakistan’s Securities and Exchange Commission takes it thus a step further than India and made clear that it felt that crypto could be the “start of a new era of digital finance.”

The move comes after an important ruling on 1 October 2020 in which Justice Muhammad Iqbal Kalhoro said:

Why is cryptocurrency outlawed in Pakistan when it is being used globally?

Looks like crypto is set to find further breeding ground in Asia beyond adopters China, Japan and South Korea.