Pakistanis have $20 billion in crypto assets

The local association chief said that Pakistanis have $20 billion in crypto assets, and they need to set up a policy for that.

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According to Nasir Hayat Magoon, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Pakistani people own a total worth of $20 billion in crypto assets.

This data comes from the chamber's research paper and Mr. Magoon asked the government to adopt a cryptocurrency policy, reminding him that India has placed certain regulations in this sector, the newspaper says.

In October, Pakistan has seen massive growth in the adoption of digital currencies over the previous year says the report by Chainalysis. Pakistan was rated third in the 2021 Chainalysis Global Crypto Adoption Index, after Vietnam and India. The on-chain retail value transferred, the on-chain crypto value transmitted, and the peer-to-peer exchange trade volume are the three metrics are which the ranking is based.

Sindh Province's top judicial authority in Pakistan recommended the federal government on October 20, 2021, to establish a framework for cryptocurrency regulation. Government agencies including the Ministry of Information Technology and Law (MITL) were instructed by the Sindh High Court (SHC) to work with regulators like the Securities and Exchange Commission of Pakistan (SECP) and the central bank to develop crypto laws within three months.

The SECP has been discussing crypto legislation since November 2020. It has been revealed that Pakistan's SBP is considering a central bank digital currency in addition to regulating cryptocurrencies, according to its governor Reza Baqir.

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Cryptocurrency

Pakistan

cryptoasset

Tags

Cryptocurrency

Pakistan

cryptoasset