Pakistanis Own $20 Billion in Crypto, Report Reveals
In the absence of regulations, people in Pakistan have invested a serious amount of money in digital assets. New research claims Pakistanis keep some $20 billion in cryptocurrency, allegedly more than what their central bank has in foreign reserves. Government Urged for Regulations as Study Shows Pakistanis Hold $20 Billion in Cryptocurrency
The Pakistani nation owns more cryptocurrency than foreign reserves, according to the Pakistan Frontier and other media outlets quoting a new report by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The study, produced by the association’s Policy Advisory Board (PAB), has estimated that Pakistanis have held cryptocurrency worth $20 billion in the 2020-21 period.
The authors point out that the popularity of digital currencies like bitcoin has rapidly increased in the last couple of years. With a 711% market growth in 12 months, Pakistan climbed to third place in this year’s Global Crypto Adoption Index calculated by blockchain forensics firm Chainalysis. The country is behind only India and Vietnam.
However, the true total of crypto holdings may be much higher than the figure mentioned in the PAB report. Many residents of the country are buying coins via peer-to-peer deals and these investments remain largely undetected, the Business Recorder notes in an article. Cryptocurrencies are still a gray area in Pakistan as the country’s current legislation does not cover the digital assets.
During a press conference, FPCCI President Nasir Hayat Magoon urged Islamabad to introduce a government policy that would facilitate cryptocurrency transactions, remarking that neighboring India has already taken steps to implement some rules. Magoon insisted that such regulations are needed so that investors can trade their coins in the country instead of in places like Dubai.
The report recommends that Pakistan adopt a legal framework aligned with guidelines issued by the Financial Action Task Force and the International Monetary Fund. The study has been released after Pakistan’s Minister of State for Parliamentary Affairs Ali Muhammad Khan indicated in October that the government is not opposed to cryptocurrency investments in general. Pakistan’s courts have also called on the executive and legislative powers to introduce crypto regulations. Tags in this story Bitcoin, Coins, Crypto, Crypto Holdings, crypto investments, Crypto investors, Cryptocurrencies, Cryptocurrency, Digital Assets, foreign reserves, holdings, Investments, Investors, Islamabad, pakistan, Pakistani, Pakistanis, Regulation, Regulations, report, Research, rules, study
Do you expect authorities in Pakistan to soon regulate the country’s crypto space? Let us know in the comments section below. Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Dubai to Create Crypto Zone, Binance Joins Effort NEWS | 14 hours ago Digital Currency Exchange Kraken Acquires Crypto Staking Firm Staked NEWS | 18 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEbay Alternative Platform Ethair Market Launches Its Token, Sellers Can Now Accept Crypto for Goods Next articleBitcoin’s Hashpower Remains High, Up 163% in 5 Months, Foundry USA Commands Top Mining Pool Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRobinhood Launches Cryptocurrency Gifts Program
Trading platform Robinhood is launching a cryptocurrency gifts program, allowing users to gift several cryptocurrencies, including bitcoin, dogecoin, ether, bitcoin cash, and litecoin. As with crypto trading, gifts are commission free and users can gift as little as $1 in ... read more.Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs USDC Sees Native Launch on Avalanche New Cryptocurrency Bill Advances to Senate in Brazil Polygon, Reddit Co-Founder"s VC Firm Launch $200 Million Social Media Web3 Fund