Pakistaner have $ 20 billion in crypto, report unveiled -

Since there are no regulations, people in Pakistan have invested a lot of money in digital assets. New research results claim that Pakistaner cryptocurrencies worth around $ 20 billion are said to have more than its central bank of foreign exchange reserves.

government demands regulations because the study shows that Pakistaner keep $ 20 billion in cryptocurrency

According to Pakistan Frontier and other media, which cite a new report by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the Pakistani nation has more cryptocurrency than currency reserves. The study created by the Policy Advisory Board (PAB) of the Association estimates that Pakistaner kept cryptocurrencies worth $ 20 billion in the period 2020-21.

The authors point out that the popularity of digital currencies like Bitcoin has increased rapidly in recent years. With a market growth of 711% in 12 months, Pakistan climbed to third place at this year's Global Crypto adoption index The blockchain forensic company Chainalysis. The country is only behind India and Vietnam.

The true sum of the crypto stands can be much higher than the number mentioned in the PAB report. Many residents of the country buy coins through peer-to-peer shops and these investments remain largely undetected, the business recorder states in an article. Cryptocurrencies are still a gray area in Pakistan, since the state's current legislation does not cover the digital assets.

During a press conference, the President of the FPCCI, Nasir Hayat Magoon, called on Islamabad to introduce a government policy that would make cryptocurrency transactions easier, and noticed that neighboring India has already taken steps to implement some rules. Magoon insisted that such regulations are necessary so that investors can act their coins in the country instead of places such as .

The report recommends Pakistan to say goodbye to a legal framework that corresponds to the guidelines of the Financial Action Task Force and the International Monetary Fund. The study was published after Pakistan's Minister of State for Parliamentary Affairs Ali Muhammad Khan stated in October that the government does not reject cryptocurrency investments in general. Pakistan's dishes have also asked the executive and the legislative to introduce crypto regulations.

Do you expect the authorities to regulate the country's crypto room in Pakistan? Let us know in the comment area below.

lubomir Taskensev

lubomir Taskersev is a technically experienced journalist from Eastern Europe, who likes Hitchens' quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

Bedy verification : Shutterstock, Pixabay, Wiki Commons