Pakistan came forward by creating PDAA, what will be India’s answer
The Government of Pakistan has recently announced the Pakistan Digital Assets Authority (PDAA) and made it clear that it no longer wants to lag behind with cryptocurrency and blockchain. The main objective of PDAA is to regulate digital currency, wallets and blockchain-based applications in the country. This step will not only ensure the security of users, but will also pave the way to establish Pakistan as a hub in web 3 technology.
Pakistan’s Finance Minister Mohammad Aurangzeb’s statement that “we have to lead the rules, but to lead,” it clearly shows that Pakistan is now preparing to play an active role in a digital economy. Pakistan Digital Assets Authority (PDAA) will not only create regulations for crypto and digital assets, but will also work on the possibilities of converting government properties into tokens and using excess electricity in bitcoin mining. The formation of PDAA can prove to be a major change towards making Pakistan technically self -reliant and financially strong.
India vs Pakistan, difference in population, change in thinking?
While the total population of Pakistan is between 30 and 40 crores, the number of crypto investors in India is said to be more than 20 crores. In my personal opinion, this figure has now reached about 30 crores. Of these, millions of users are not only active in cryptocurrency trading, but are also participating in areas such as NFT, Web3 and Blockchain Development.
This comparison shows how much enthusiasm is among the people about Crypto in India. While Pakistan has made PDAA, the policy of the Government of India has been very strict so far. Rules like 30% tax and 1% TDS have distanced small and traditional investors especially from this market.
Recently, the Supreme Court of India questioned the Central Government that when the government is collecting tax, why is it not making proper regulation? This can be an important indication that the government is now thinking towards a possible change in its crypto policy.
Global presser and India’s possible step
All countries around the world are now making Bitcoin Reserve and include blockchain technology in government schemes. Countries like Usa, UAE and Japan have already brought Web3 and Blockchain into the mainstream. Pakistan’s PDAA is a step in the same direction, which has now brought India to a position to respond.
The Government of India needs to understand that the youth population of the country is rapidly adopting emerging techniques like Crypto, Web3, AI and 5G. This is the same generation that can lead to global leadership in the field of technology and innovation in the coming years. If the government still does not adopt a concrete and progressive policy regarding the region, it will not only cause loss of potential investment of billions of dollars, but India can also leave other countries in this race for technical revolution. Timely decision has now become very important.