The head of Pakistan’s commerce and industry organization revealed that the worth of cryptocurrency owned by Pakistanis stands at staggering $20 billion.
The Federation of Pakistan Chambers of Commerce and Industry head said that the estimated value of digital currencies used by Pakistanis is based on a report published by the agency. Furthermore, the total crypto market in Pakistan has grown up to 711% only in 2021.
This claim by Pakistan’s Commerce body is in sync with a report published by Chainalysis, a blockchain research company. The report by Chainalysis has found that Pakistan’s citizens are taking a keep interest in crypto and they are inclined to make an investment in bitcoin any other digital currencies.
The FPCCI President urged to development of a framework to regulate the crypto assets. Highlighting the progress India’s making in regulating cryptocurrencies, he demanded the government to take adopt a policy and clear its stand on cryptocurrencies.
Currently, Pakistan’s economy is reeling with astonishing total debt of PKR 50.5 Trillion (222 Billion USD) which is almost 99% of the total GDP of the country. The country was also recently denied of taking a loan from its own bank by IMF due and asked to repay the long-standing loans before any new credit.
The encouragement of digital currency and a favorable approach can help the economy to withstand and flourish. Pakistan has a huge potential to grow in the realms of technology.
Despite, a massive flow of funds in crypto as investment and blockchain projects, the overall crypto market is still struggling to recover and make a decent upward movement after a sudden crash in 1st week of December.