Pakistan will probably earn billions with cryptocurrency - emerging countries

According to a document created by a Pakistani political advisory board, the country will probably earn billions of dollars of owners of crypto-assets. To do this, however, the country must first create the corresponding regulatory framework for crypto-assets.

cryptocurrencies could increase reserves

Pakistan could possibly apply billions from dollars from crypto-assets, which are held by its national or residents with double citizenship, according to a fundamental document created by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI).

according to a test report in the business recorder claims the document with the title "Prospect of Cryptocurrencies: a Context of Pakistan letter", that Pakistan " Crypto assets could also use to increase the country's reserves.

Before it takes over the recommendations of the basic paper, Pakistan must develop a regulatory framework and a national cryptocurrency strategy. According to the report, this must be done to protect the country's economic interests.

In terms of the volatility of cryptocurrencies, the guideline document reports reported as an investment class. In addition, the report also explains how cryptocurrency exchange traded funds (ETFs) will probably attract both domestic and foreign investors. Such a crypto ETF could allegedly help the Pakistani stock exchange regain its position among the emerging countries.

On the other hand, the report argues that Pakistan's failure to introduce cryptocurrencies could lead to cryptocurrency owners relocating their assets to countries that are friendly for digital currencies.

The report by Business Recorder shows that the Financial Action Task Force (FATF) has in a similar way to the Pakistani authorities to consider regulation of cryptocurrencies.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and author in Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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