Due to the lack of regulations, Pakistanis have invested heavily in digital assets. A new study estimates that Pakistanis save $ 20 billion, which is more than their central bank has in foreign reserves.
Government Demands Regulations As Research Indicates Pakistani Holds $ 20 Billion in Cryptocurrency The study, produced by the organization’s Policy Advisory Board (PAB), estimates that Pakistanis seized cryptocurrency worth $ 20 billion over the period 2020-21.
The authors point out that the popularity of digital currencies such as bitcoin has increased rapidly over the past few years. With a market growth of 711% in 12 months, Pakistan moved up to third place in this year’s Global Crypto Adoption Index ranked by blockchain forensics firm Chain lysis. The country is only behind India and Vietnam
During a press conference, FPCCI President Nasir Hayat Magoon called on Islamabad to introduce a government policy that would facilitate crypto currency transactions, noting that neighboring India had already taken steps to enforce certain rules. Magoon stressed that such rules are needed to enable investors to trade currency in the country instead of places like Dubai.
The study was released after Pakistani State Minister of Parliamentary Affairs Ali Muhammad Khan indicated in October that the government was not opposed to cryptocurrency investing in general. Pakistani courts have also called for higher and legal powers to introduce crypto laws.
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