Syed Amin Ul Haque, the Federal Minister of Information Technology and Telecommunications, spoke out against the country’s cryptocurrency prohibition on Wednesday.
The Minister of Information Technology and Telecommunications told the media that the Ministry of Information Technology and Telecommunications opposes any prohibition that impedes progress.
The Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) are both active in the cryptocurrency issue, according to the minister, who added that the ministry is ready to provide technical support if both institutes give their approval.
He expressed remorse over the adoption of an advance tax on the telecom sector, despite his opposition in the cabinet and parliament. The Finance Ministry is now in discussions over withholding tax, according to Haque.
According to the minister, the telecom sector’s withholding tax should be reduced from 15% to 10%.
TikTok is also preparing to open an office in Pakistan, according to the ministry. “We wish to take Twitter, Facebook, and PUBG as well,” he continued.
He described smartphone production in Pakistan as a “revolutionary” effort. We hope that large corporations will invest in Pakistan.