Pakistanis own 20 Billion $ Cryptocurrency, More than country's reservoirs

Pakistanis own 20 Billion $ Cryptocurrency, More than country’s reservoirs

Syed Muhammad Yaseen:

According to the report of the Federation Of Pakistan Commerce and Industry (FPCCI), work on Cryptocurrency and property dealing remained highest during the past year. Pakistan owns 20 Billion Dollars worth of Cryptocurrency more than the country’s present reservoirs.

In 2018, the State Bank of Pakistan declared trade in Bitcoin and other cryptocurrencies as illegal. Despite this fact, Pakistanis are taking great interest in doing trade in virtual currencies that are tax-free and easily accessible for all.

Pakistan ranked 3 in Cryptocurrency trade after India, and Vietnam in 2020-21

Pakistan ranked 3 in Cryptocurrency trade after India, and Vietnam in 2020-21. A report by FPCCI revealed that Pakistan showed a record increase of 711 percent increase in cryptocurrency business from 2020-21. However, the State Bank of Pakistan did not comment anything about the FPCCI report.

The Federation of Pakistan Commerce and Industry has appealed to the government for establishing a digital currency on govt level of Pakistani origin. Recently, Waqar Zaka, a Cryptocurrency Influencer and showbiz star, asked the federal govt for legalizing the use of Cryptocurrency in Pakistan otherwise he will stage a protest demonstration on D Chowk.

There are a total of 5,000 digital currencies worldwide

The use of Cryptocurrency is considered illegal due to no security from the owner or blockchain. Anyone can hack a digital currency account and all of your assets can be stolen. There are a total of 5,000 digital currencies worldwide. The virtual currencies are based on Blockchain technology and the whole trade is done peer to peer.
Rs 670 Million were allocated by the Lahore University of Management Sciences (LUMS) for establishing Pakistan’s every academic program for Blockchain.

The students and IT experts will be given a chance to learn, analyze, and invest in Cryptocurrency. The program enables faculty and students to research Distributed Ledger Technology (LDT), and digital currency. Recently 51 099.00 USD is the cost of 1 Bitcoin and it costs 8,893,779,70 Pakistani Rupees. Pakistanis own 20 Billion Dollar Cryptocurrency, More than the country’s reservoirs

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Quetta Voice is an English Daily covering all unfolding political, economic and social issues relating to Balochistan, Pakistan's largest province in terms of area. QV's main focus is on stories related to education, promotion of quality education and publishing reports about out of school children in the province. QV has also a vigilant eye on health, climate change and other key sectors.