Pakistan has an active cryptocurrency community and Pakistani investors hold $20 billion in crypto assets, says the head of a local association. He attributes some of this to people’s fear that governments will eventually ban cryptocurrencies like they do with banking services. However, he also credits the digital currency boom on India imposing crippling tariffs on its imports from Pakistan last year which created demand for bitcoin among traders looking to bypass restrictions imposed by their respective countries.
The “future of cryptocurrency 2021” is a prediction made by the head of the Pakistani Association for Blockchain and Cryptocurrency. He says that Pakistanis have $20B in crypto assets.
According to Nasir Hayat Magoon, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Pakistani people own $20 billion in crypto assets.
According to a local media, the FPCCI president said at a press conference that Pakistanis’ digital currency assessments are based on the chamber’s study paper. According to the newspaper, he asked the government to adopt a cryptocurrency policy, pointing out that India has imposed certain limits in this area.
According to a survey released by Chainalysis in October, Pakistan saw a massive surge in bitcoin use over the previous year. Pakistan was placed third highest in terms of index score in the 2021 Chainalysis Global Crypto Adoption Index, after Vietnam and India. On-chain crypto value transmitted, on-chain retail value transferred, and peer-to-peer exchange transaction volume are the three measures used to rank the exchanges.
According to a new poll, 83 percent of millennial millionaires currently hold cryptocurrency.
The top judicial authority in Pakistan’s Sindh Province ordered the federal government to present measures for cryptocurrency regulation by October 20, 2021. The Sindh High Court (SHC) has directed government agencies such as the Ministry of Information Technology and Law to work with regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to develop crypto laws within three months.
According to Cointelegraph, the SECP has been discussing crypto legislation since November 2020. Aside from bitcoin legislation, Pakistan’s State Bank of Pakistan governor, Reza Baqir, announced that the bank is looking into the possibility of a central bank digital currency.
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