Federal Minister for Information Technology and Telecommunication Syed Amin Ul Haque on Wednesday opposed the ban on cryptocurrencies in the country.

Talking to the media, the minister said that the Ministry of Information Technology and Telecommunication opposes any such ban which hinders development.

The Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) are involved in the matter related to cryptocurrency, said the minister, adding that the ministry is ready to provide technical assistance if it receives clearance from both institutes.

He regretted the implementation of advance tax on the telecom sector while saying that it was opposed by him in the cabinet and parliament. The talks on the matter of withholding tax are underway with the Finance Ministry, Haque added.

The minister said that they want to reduce the withholding tax on the telecom sector from 15 percent to 10 percent.

The minister further said that TikTok is ready to set up an office in Pakistan. We wish to take Twitter, Facebook and PUBG on board as well, he added.

He said that the manufacturing of smartphones in Pakistan is a revolutionary initiative. We wish that big companies come to Pakistan.