调节巴基斯坦的加密货币：需要一种市场沙箱方法

加密货币是一种使用加密（高级数学和计算机科学技术）来确保交易的数字或虚拟货币。

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.

加密货币是一种使用加密（高级数学和计算机科学技术）来确保交易的数字或虚拟货币。与传统货币（例如美元或欧元）不同，加密货币是分散的，这意味着它们不受任何政府或储备的支持。他们在区块链上运行，该区块链是所有交易的公共分布式分类帐。

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

尽管有成千上万的加密货币可用，但巴基斯坦最受欢迎的是比特币和以太坊。

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.

随着用例的数量增加，加密货币在全球范围内正在获得势头，许多国家正在使其合法。最受欢迎的用途是用于投资。消费者购买加密货币，就像他们购买美元或黄金一样，希望其价值会增加。如果我们以比特币为例，在过去的五年中，它经历了重大波动和出色的增长。在2020年初，一个比特币的价格为7,200美元。到年底，价格跃升至28,900美元。 2021年，高峰为69,000美元。 2022年，低价为$ 15,800。 2025年4月1日，该价值为85,169美元。这在五年内回报了1,182％。尽管它极端波动，但显然，壮观的增长吸引了投资者进入该资产类别。

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.

同时，加密货币在全球范围内的调节剂混合了接待。在某些国家（例如萨尔瓦多）中，它具有法定招标身份，而在包括巴基斯坦，印度和中国在内的其他国家中，它并不被接受为代替商品和服务的付款，也不能合法地拥有它，尽管它也没有被正式禁止。

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).

无论在巴基斯坦无法正式拥有加密货币，它都变得非常受欢迎。在过去的几年中，其使用量已经获得了物质动力，巴基斯坦在2020 - 2021年全球加密货币收养指数中排名第三。尽管巴基斯坦州立银行（SBP）建议公众不要猜测加密货币，并禁止银行允许外交付款或使用信用卡购买加密货币，但估计1000万巴基斯坦人具有二十亿美元的账户，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.

尽管未直接通过交易所验证，但分析师认为，通过非正式渠道购买加密货币的年度购买量为10亿美元，巴基斯坦国民的合并持有量约为100亿美元。因此，作为资产类别的加密货币是一种现实，这表明调节它可能是最佳的。

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.

其受欢迎程度的原因之一是它易于开展业务。拥有加密资产的客户旅程比开设银行帐户更容易。人们只需要下载加密交易所应用并打开一个帐户。虽然“知道您的客户”（KYC）流程要求提供身份文档，但并未验证该文档。帐户开放后，您需要购买您感兴趣的硬币。同一交换应用将显示成千上万的当地人充当促进者。您可以通过银行帐户或钱包将卢比转移到他们身上，他们将以您想要的加密货币为您的帐户信用。

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

当您出售加密资产时，此过程以类似的方式工作。换句话说，这是一个成熟的制度化的Hawala系统。

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对加密货币具有黄疸的看法是，首先，它在巴基斯坦的使用很大程度上是投机性的。其次，鉴于巴基斯坦一直在金融行动工作队的镜头下，并且鉴于交易所的宽松和反洗钱（AML）程序，Crypto可以是洗钱的主要渠道，最后，它是该国外汇储备的净消耗。

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.

尽管有这些真正的担忧，但每天进行交易，并且正在增长。巴基斯坦最近成立了一个加密委员会，其任务是找到解决方案。重大的政策决定，例如一次性加密大赦宣言，无税，将需要时间。在此期间，可以采取以下步骤。

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应该在自己的沙箱中至少与一个或多个授权经销商（银行）进行一次飞行员。在此飞行员中，应允许巴基斯坦国民持有的加密资产出售的收益，尽管其汇款所需的数据点相同。外国银行帐户的付款应启用具有完全透明度的当地银行帐户。飞行员将向政府展示用户采用的水平。

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.

第二个解决方案要求巴基斯坦证券交易委员会（SECP）和SBP。需要SECP以允许商品交易所创建一个交易所交易的基金。这将是一份复制加密货币并将交换奇偶校验纳入其价值的合同。

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

通过此解决方案，KYC和AML的要求也将得到满足，不知道的投资者将是