People in Pakistan have invested a substantial amount of money in virtual currencies, in the absence of regulations. New research asserts Pakistanis hold around twenty billion dollars worth of virtual currencies, purportedly more than what their central bank has in foreign reserves.
The nation owns more crypto than foreign reserves, as per the Pakistan Frontier and other media outlets quoting a new report by the Federation of Pakistan Chambers of Commerce and Industry. The study, presented by the association’s Policy Advisory Board, has gauged that the nation’s natives have held digital currency worth 20 Billion USD in the 2020-21 period.
The authors further point out that the popularity of virtual assets like BTC has expeditiously escalated in the last couple of years. With a seven hundred and eleven percent market growth in the past twelve months, Pakistan climbed to 3rd place in this year’s Global Crypto Adoption Index enumerated by blockchain forensics company Chainalysis. The nation is behind only India and Vietnam.
The report advocates that Pakistan espouse a legal framework aligned with recommendations issued by the Financial Action Task Force and the International Monetary Fund. Furthermore, Pakistan’s courts have called on the executive and legislative powers to introduce digital asset regulations.
Digital assets are still a gray area in Pakistan as the nation’s present legislation does not cover the virtual currencies.
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