Pakistan, March 21 -- After keeping it a non-starter for years, now the government has woke up to the reality of virtual bills and plans to legalize cryptocurrency. While our neighbouring countries are still opposed to it, this move in isolation may have countereffects in the region.

Cryptocurrency is a digital form of money that exists only on the internet. Unlike traditional money issued by governments, it is controlled by a decentralised system using blockchain technology. This means transactions happen without banks or middlemen, making them fast and, in many cases, anonymous.

For years, Pakistan hesitated to embrace this digital revolution. Governments worried about security risks, financial instability and illegal activities linke...