27/12/2021
FIA took action and froze thousands of bank alfalah accounts. If any of you had watched USA senate hearing of crypto bosses, you would be aware that despite them being sceptical and worried about crypto but USA legislators were hesitant to call for an outright ban for crypto or to come heavy-handed against crypto at this stage. They wanted this technology to flourish and regulate accordingly.
Here we ban without warnings, prior notices and use the term "cannot buy and sell digital assets" which is a very vast and vague term used to discourage crypto trading.
As I said some days earlier, we start by banning. We had banned youtube when it was in the monetization period. The result is we have "haqeeqat tv" type content and missed out on the race of learning and adding quality youtube content.
It required evolution; we were left behind in this race. Now FIA cracking down on crypto transactions.
What was happening, Rs. was moving within Pakistan, within the banks.
Now, what will happen?
Those who want to buy crypto will try to send money outside Pakistan so that they can get USDTs. This is how the state discourages its citizens and forces them to use illegal methods.
The price of USDT vs PKR will sore up.
Trust in the banking system will go down for the crypto holders
Unnecessary mass litigation: customers vs banks vs FIA
Most importantly, we will be left behind in the race. The water will be so muddy to have any immediate gain and once the dust settles, it will be too late for us.
