Cryptocurrency is one of the most discussed terms in Pakistan in recent years. President Federation of Pakistan Chambers of commerce and Industry (PFCCI) has revealed that Pakistanis possess almost $20 Billion in Cryptocurrency.
In his Briefing to the Press, the president of (PFCCI ) urges the Govt of Pakistan to create a digital framework for Cryptocurrency to digitize it. So, users of Pakistan could cash it out in Pakistan instead of Dubai.
But the future of digitizing Cryptocurrency in Pakistan is still a question mark. However, Pakistan Ranks amongst in top 15 in the Adoption of Cryptocurrency as digital currency in July 2021.
According to Chainalysis, Pakistan received cash that exceeded over 1.5 Billion USD transactions in Cryptocurrency in 2020. In 2021 it has risen and become more accessible for Crypto Transactions.
Last week, the Minister of Information and Broadcasting Fawad Chaudhry said to the media person that Pakistan has no plan to regulate or Legalize Cryptocurrency.
He shares many reasons for not regulating Cryptocurrency in Pakistan and remarks that Cryptocurrency is too volatile to hold sensitive information, and we are not looking for this. We need to work on a digital payment system to digitize and evolve Our Pakistan.