The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Nasir Hayat Magoo says that Pakistani citizens have a total value of $20 billion in crypto assets.
During a news conference, the president of the FPCCI said that the value of digital currencies in Pakistan is based on the research paper that the chamber has done. He asked the government to make a policy about cryptocurrency, pointing out that India has put some rules in place in this area, the report says.
In October, Chainalysis released a study that said that Pakistan had become a lot more interested in cryptocurrency last year. This is how the Chainalysis Global Crypto Adoption Index looked at things in 2021.
Pakistan came in third behind Vietnam and India. This is based on three things: how much crypto value was sent on the blockchain, how much crypto value was sent to retailers, and how much crypto value was sent to peer-to-peer exchanges.
On October 20, 2021, Pakistan’s Sindh Province’s highest judicial body asked the federal government to set up rules for how to regulate cryptocurrency.
Governing bodies, like the Ministry of Information Technology and Law, must work with regulators like the Securities and Exchange Commission of Pakistan and the central bank to come up with crypto rules in three months, the High Court of Sindh (SHC) said.
It has been a long time that the SECP has been looking into crypto legislation. Another thing the governor of Pakistan’s State Bank of Pakistan, Reza Baqir, said was that the bank is looking into the possibility of having a digital currency that the bank could use to make payments.
