Pakistanis Own $20 Billion in Crypto, Report Reveals

[JackTheRipper]

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.

Pakistanis Own $20 Billion in Crypto, Report Reveals – Bitcoin News

New research claims Pakistanis keep some $20 billion in cryptocurrency, allegedly more than what their central bank has in foreign reserves.

news.bitcoin.com

 

[fisher1]

It is nothing in terms of bitcoin. This is what is called investing.

The Pakistani government instead of being jealous of people's money should start investing too. Look at what the Arab world is doing, openly welcoming bitcoin because they know it's the future.

But nope, Pakistani harami government would rather slave over to USD and take orders from Uncle Sam like a good whore instead of moving towards the future where our debt can be paid off.

 

[JackTheRipper]

It is nothing in terms of bitcoin. This is what is called investing.

The Pakistani government instead of being jealous of people's money should start investing too. Look at what the Arab world is doing, openly welcoming bitcoin because they know it's the future.

But nope, Pakistani harami government would rather slave over to USD and take orders from Uncle Sam like a good whore instead of moving towards the future where our debt can be paid off.

BTC as a payment way may be good, (not better than PayPal),
But for Investment, It may ruin you,

Ignore stupid waqar zaka..

 

[fisher1]

BTC as a payment way may be good, (not better than PayPal),
But for Investment, It may ruin you,

Ignore stupid waqar zaka..

You are right there is a huge risk with BTC but you will gain back your money, that's just how bitcoin is. It crashes but then recovers even better. I expect it to gain even more now that all these countries are accepting it.

By the way, BTC isn't the only crypto. There is Ethereum, Litecoin, USDT (which matches USD one to one) etc.

I don't know who waqar zaka is.

I don't do cryptos personally but I believe the government should invest in it. They could make huge returns and pay this country's debts, just imagine if Pakistan invested in 2018, how much that money would be worth. They engage in interest(riba) anyway so it's not like they would have issue with legality of cryptos (Islamically).