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-2.08%

pakistan: Pakistan owns more cryptocurrency than foreign reserves: Federation of


A research by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has revealed that Pakistanis held $20 billion in cryptocurrency in 2020-21. This is reportedly more than what their central bank has in foreign reserves.
FPCCI President Nasir Hayat Magoon urged the government to come up with a holistic regulation so that people can encash and trade their cryptocurrencies in Pakistan itself instead of places such as Dubai, Bitcoin.com reported. He added that just like India is taking steps to regulate crypto, Pakistan too should think in that direction.
In the complete absence of regulations, people in Pakistan have chosen to invest in crypto. . Magoon revealed in a press conference that the valuation of the digital currency held by Pakistanis is based on the chamber’s research report.
According to the report of Chainalysis published on October 14, Pakistan recorded the highest growth in cryptocurrencies at 711 percent, in the last 12 months, and was followed by India at 641 percent. This has made it one of most potent crypto markets after the European market. Besides this, Pakistan was ranked third in the Chainalysis Global Crypto Adoption Index this year.
Pakistan’s actual total of crypto holdings could be higher than the official data, since many citizens purchase coins through peer-to-peer deals which mostly remain unreported. There is no legislation for cryptocurrencies and other digital assets in the country so far.
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