Money isn’t what it used to be. As everything around us goes digital, even cash is evolving, and governments are struggling to keep up. Not long ago, cryptocurrencies were seen as a hobby for tech geeks. Now, they’ve become a trillion-dollar reality that no one can fully control, not even the world’s biggest economies.
The big question haunting finance ministries everywhere is simple but maddening: how do you tax something that was built to resist control? The US is still arguing over whether crypto should be treated like stocks or commodities, and in the meantime, crypto startups are packing up and moving to friendlier places. Europe’s MiCA laws at least offer clear rules, though they come with piles of paperwork. Some countries, like El Salvador, went all in on Bitcoin, others, like China, slammed the door shut.
But beneath all the confusion, there’s a deeper issue. Taxing crypto isn’t just about collecting money. It’s about recognition. The moment a state taxes an activity, it quietly admits that it exists and matters. So, this fight over crypto taxes is really about who gets to shape the rules of tomorrow’s digital economy.
For countries like Pakistan, this debate isn’t abstract. Our banking system still excludes millions of people, transactions cost too much, and global payments are painfully slow. Digital finance could fix some of that and give freelancers and small investors real opportunities. But only if the government sets smart, transparent policies. Banning crypto out of fear won’t stop people; it’ll just push it underground.
The smarter path is to meet the technology halfway. Accept that crypto is part of the financial landscape, tax it openly, and use its transparency to clean up corruption instead of fueling it. Imagine remittances arriving in seconds without hefty cuts, or public funds tracked in real time. That’s not a dream; it’s doable with the right vision.
At this point, the choice is clear. Countries that move now will help shape the next financial era. Those that drag their feet will just end up importing other people’s innovations. The future of money isn’t waiting for anyone and confusion, not regulation, is what will hold us back.
