MCCI For Regulating Cryptocurrency, E-transaction Facilities Like PayPal In Pakistan

President, Multan Chamber of Commerce and Industry (MCCI) Khawaja Muhammad Hussain Thursday underlined the need for introduction of laws and rules governing cryptocurrency and introduction of e-transaction facilities like PayPal to facilitate business community overcome hurdles in money transactions to foreign countries and vice versa in Pakistan to strengthen economy

MULTAN, (UrduPoint / Pakistan Point News - 20th Jan, 2022 ) :President, Multan Chamber of Commerce and Industry (MCCI) Khawaja Muhammad Hussain Thursday underlined the need for introduction of laws and rules governing cryptocurrency and introduction of e-transaction facilities like PayPal to facilitate business community overcome hurdles in money transactions to foreign countries and vice versa in Pakistan to strengthen economy.

Talking to APP here, Khawaja said that cryptocurrency was gaining acceptance and legal cover in foreign countries and there was need regulate it in the country.

MCCI President highlighted troubles being confronted by the business community in money transactions to and from foreign countries and stressed that the government should seriously consider bringing international e-transaction facilities to Pakistan like PayPal.

Information Technology was the next milestone traders community of Pakistan has in sight and they are trying to avail the IT facilities in their respective businesses, he said.

Khawaja Muhammad Hussain said that Prime Minister Imran Khan was making efforts tirelessly to steer the national economy out of troubles and recent pause in Dollar exchange price was a good development. The best part is that Pakistan has successfully avoided the worst.

He attributed the inflation to the pressure from IMF and other lenders seeking repayment of loans and underlined the need for expanding tax network by bringing more people under the tax net.

Citing experts' opinions, Khawaja said, inflation would be overpowered in the next three months.

He recalled that Bangladesh had suffered default in 1994 but its banking system still has its impact.

He expressed concerns that only 3.8 million people, mostly salaries class, were in the tax net out of a population of 220 million and suggested there are 50 million more who should be part of the tax net. He stressed that people should be brought to the tax net through incentives and facilities which should over-ride their tax-related fears. They fear that once in the tax net they would have to pay taxes every year even if their statements showed reduced income. New tax payers should also be exempted from audit for three years, he suggested.

Khawaja Muhammad Hussain who is also the chairman of Multan Dry Port Trust (MDPT) said that despite not having a textile city status, Multan's most volume of exports comprises textile products. He said that majority of imports to Multan comprised pesticides. He said that customs used to seize smuggled items like dry milk and Betelnut (Chalia) and stressed on tougher measures to check smuggling to ensure more revenue generation.