調節巴基斯坦的加密貨幣：需要一種市場沙箱方法

加密貨幣是一種使用加密（高級數學和計算機科學技術）來確保交易的數字或虛擬貨幣。

Cryptocurrency is a type of digital or virtual money that uses cryptography (advanced math and computer science techniques) to secure transactions. Unlike traditional currencies, like the dollar or euro, cryptocurrencies are decentralised, meaning they are not backed by any government or reserve. They operate on a blockchain, which is a public distributed ledger of all transactions.

加密貨幣是一種使用加密（高級數學和計算機科學技術）來確保交易的數字或虛擬貨幣。與傳統貨幣（例如美元或歐元）不同，加密貨幣是分散的，這意味著它們不受任何政府或儲備的支持。他們在區塊鏈上運行，該區塊鍊是所有交易的公共分佈式分類帳。

Although there are thousands of cryptocurrencies available, the most popular in Pakistan are Bitcoin and Ethereum.

儘管有成千上萬的加密貨幣可用，但巴基斯坦最受歡迎的是比特幣和以太坊。

Cryptocurrencies are gaining momentum globally as the number of use cases is increasing and many countries are now making them legal. The most popular use is for investment. Consumers buy cryptocurrencies just like they buy dollars or gold, in the hope that its value will increase. If we take Bitcoin as an example, over the past five years it has experienced significant fluctuations and exceptional growth. At the start of 2020, one bitcoin cost $7,200. At the end of the year the price jumped to $28,900. In 2021 the peak was $69,000. In 2022 the low was $15,800. On April 1, 2025, the value was $85,169. This amounts to a 1,182 per cent return over five years. Despite its extreme volatility, it is the apparent, spectacular growth that has attracted investors to this asset class.

隨著用例的數量增加，加密貨幣在全球範圍內正在獲得勢頭，許多國家正在使其合法。最受歡迎的用途是用於投資。消費者購買加密貨幣，就像他們購買美元或黃金一樣，希望其價值會增加。如果我們以比特幣為例，在過去的五年中，它經歷了重大波動和出色的增長。在2020年初，一個比特幣的價格為7,200美元。到年底，價格躍升至28,900美元。 2021年，高峰為69,000美元。 2022年，低價為$ 15,800。 2025年4月1日，該價值為85,169美元。這在五年內回報了1,182％。儘管它極端波動，但顯然，壯觀的增長吸引了投資者進入該資產類別。

At the same time, cryptocurrency has had a mixed reception by regulators globally. In some countries, eg El Salvador, it has legal tender status, while in others, including Pakistan, India and China, it is not accepted as payment in lieu of goods and services, nor can one own it legally, though it is not officially banned either.

同時，加密貨幣在全球範圍內的調節劑混合了接待。在某些國家（例如薩爾瓦多）中，它具有法定招標身份，而在包括巴基斯坦，印度和中國在內的其他國家中，它並不被接受為代替商品和服務的付款，也不能合法地擁有它，儘管它也沒有被正式禁止。

Regardless of not being able to own crypto officially in Pakistan, it has become very popular. In the last couple of years its usage has gained material momentum, and Pakistan was ranked third in the Global Crypto Adoption Index in 2020-2021. Despite the State Bank of Pakistan (SBP) advising the general public to refrain from speculating in cryptocurrencies and prohibiting banks from allowing foreign payment or the use of credit cards for purchasing cryptocurrencies, it is estimated that 10 million Pakistanis have accounts with Binance, Coinbase and Crypto.com (international crypto exchanges).

無論在巴基斯坦無法正式擁有加密貨幣，它都變得非常受歡迎。在過去的幾年中，其使用量已經獲得了物質動力，巴基斯坦在2020 - 2021年全球加密貨幣收養指數中排名第三。儘管巴基斯坦州立銀行（SBP）建議公眾不要猜測加密貨幣，並禁止銀行允許外交付款或使用信用卡購買加密貨幣，但估計1000萬巴基斯坦人具有二十億美元的賬戶，COINBASE和CRYPTO.COM（International Crypto Crypto）。

Although not verified directly by the exchanges, analysts believe that annual purchases of crypto through unofficial channels are north of $1 billion, and the combined holdings of Pakistani nationals are around $10 billion. Hence, cryptocurrency as an asset class is a reality, which suggests that it may be optimal to regulate it.

儘管未直接通過交易所驗證，但分析師認為，通過非正式渠道購買加密貨幣的年度購買量為10億美元，巴基斯坦國民的合併持有量約為100億美元。因此，作為資產類別的加密貨幣是一種現實，這表明調節它可能是最佳的。

One of the reasons for its popularity is its ease of doing business. The customer journey for owning a crypto asset is easier than opening a bank account. One just has to download a crypto exchange app and open an account. While the ‘know your customer’ (KYC) process asks for an identity document, it does not verify the document. Once the account is open, you need to buy the coin you are interested in. The same exchange app will show thousands of local individuals acting as facilitators. You can transfer rupees to them via a bank account or wallet, and they will credit your account with the cryptocurrency you want.

其受歡迎程度的原因之一是它易於開展業務。擁有加密資產的客戶旅程比開設銀行帳戶更容易。人們只需要下載加密交易所應用並打開一個帳戶。雖然“知道您的客戶”（KYC）流程要求提供身份文檔，但並未驗證該文檔。帳戶開放後，您需要購買您感興趣的硬幣。同一交換應用將顯示成千上萬的當地人充當促進者。您可以通過銀行帳戶或錢包將盧比轉移到他們身上，他們將以您想要的加密貨幣為您的帳戶信用。

This process works in a similar manner when you sell your crypto asset. In other words, this is a full-fledged, institutionalised hawala system.

當您出售加密資產時，此過程以類似的方式工作。換句話說，這是一個成熟的製度化的Hawala系統。

The reason SBP has a jaundiced view of cryptocurrency is that, firstly, its use in Pakistan is largely speculative. Secondly, given the fact that Pakistan is constantly under the Financial Action Task Force lens and given the lax KYC and anti-money laundering (AML) procedures of the exchanges, crypto can be a major conduit for money laundering, and lastly, it is a net drain on the country’s foreign exchange reserves.

SBP對加密貨幣具有黃疸的看法是，首先，它在巴基斯坦的使用很大程度上是投機性的。其次，鑑於巴基斯坦一直在金融行動工作隊的鏡頭下，並且鑑於交易所的寬鬆和反洗錢（AML）程序，Crypto可以是洗錢的主要渠道，最後，它是該國外匯儲備的淨消耗。

Notwithstanding these genuine concerns, transactions are taking place daily and growing. Pakistan has recently created a crypto council, and its mandate is to find a solution. Major policy decisions, such as a one-time crypto amnesty declaration without tax, will take time. In the interim, the following steps can be taken.

儘管有這些真正的擔憂，但每天進行交易，並且正在增長。巴基斯坦最近成立了一個加密委員會，其任務是找到解決方案。重大的政策決定，例如一次性加密大赦宣言，無稅，將需要時間。在此期間，可以採取以下步驟。

The SBP should, in its own sandbox, pilot at least one exchange with one or more authorised dealers (banks). In this pilot, the proceeds of the sale of crypto assets held by Pakistani nationals should be allowed, albeit with the same data points required for a workers’ remittance. Payment from a foreign bank account into a local bank account with full transparency should be enabled. The pilot will demonstrate to the government the level of adoption by users.

SBP應該在自己的沙箱中至少與一個或多個授權經銷商（銀行）進行一次飛行員。在此飛行員中，應允許巴基斯坦國民持有的加密資產出售的收益，儘管其匯款所需的數據點相同。外國銀行帳戶的付款應啟用具有完全透明度的當地銀行帳戶。飛行員將向政府展示用戶採用的水平。

The second solution requires both the Securities and Exchange Commission of Pakistan (SECP) and the SBP. The SECP is needed to allow the commodities exchange to create an exchange-traded fund. This would be a contract that replicates a cryptocurrency and incorporates the exchange parity in its value.

第二個解決方案要求巴基斯坦證券交易委員會（SECP）和SBP。需要SECP以允許商品交易所創建一個交易所交易的基金。這將是一份複製加密貨幣並將交換奇偶校驗納入其價值的合同。

With this solution, the KYC and AML requirements would also be fulfilled, non-knowledgeable investors would be

通過此解決方案，KYC和AML的要求也將得到滿足，不知道的投資者將是