Last week, Fawad Chaudhary announced that there were no plans in motion to bring Cryptocurrency to Pakistan, officially. The news was not well received by the people of Pakistan. This week, on Wednesday, according to the Commerce Chamber, there is a total of $20 billion worth of Crypto in Pakistan.
This raises a fascinating Question – What does it mean for Pakistan, and will the government finally devise policies to introduce Crypto in Pakistan?
The answers to both these questions are still unclear. However, with the constant insistence of the people of Pakistan, there might just be good news soon. The Karachi Commerce Chambers also advised the government to introduce the process of existing Pakistani Crypto in Pakistan instead of Dubai.
Fawad Chaudhary also said that they cannot just introduce Crypto into Pakistan based on the trust level of the market, especially when the currency itself has no guarantee. He then mentioned the constant Crypto crashes and stated that it was a risk that they, as the government, would not be willing to take at the moment.
One prominent Pakistani Politician stated, “Over 56 million people have been using cryptocurrencies in 2021. Our neighbor India has created four crypto exchanges, out of which the native token of WazirX is being traded globally with a market share of over $172 million (roughly Rs. 1,287 crores),”
In another interview, the Karachi government authorities said that if Crypto was to be introduced in Pakistan, a lot of the economic adversities of Pakistan can be answered. The increase in the oil prices and the massive rise in prices of daily use items could be solved, at least somehow, with the introduction of Official Crypto channels in the country.
In the 21st century, Cryptocurrency has skyrocketed all over the world. Last week, the world’s first SMS – ‘Merry Christmas’ was sold in an auction, worth around $120,600 as NFT. Non-Fungible-Tokens (NFT) is another rising mode of Cryptocurrency.