Pakistan Likely to Earn Billions From Cryptocurrency – Emerging Markets Bitcoin News

According to a document released by the Pakistan Policy Advisory Council, the country is likely to earn billions of dollars from holders of crypto assets. But for this to happen, the country first needs to establish the appropriate regulatory framework for crypto assets.

Cryptocurrencies can increase reserves

A policy document released by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said Pakistan could raise billions of dollars in crypto assets held by its citizens or residents with dual citizenship.

According to a report in The Business Recorder, the document titled “Cryptocurrency Prediction: The Context of Pakistan’s Policy Brief” asserts that Pakistan can also use crypto assets to help boost the country’s reserves.

However, before it can adopt the recommendations of the policy document, Pakistan needs to formulate a regulatory framework as well as a national cryptocurrency strategy. This, according to the report, should be done in order to protect the country’s economic interests.

Regarding the volatility of cryptocurrencies, the policy document reportedly recommends its recognition as an asset class. In addition, the report also shows how exchange-traded funds (ETFs) are likely to attract domestic and foreign investors. Such type of ETF can ostensibly help the Pakistan Stock Exchange to regain its position among the emerging economies.

On the other hand, the report argues that Pakistan’s failure to adopt digital currencies could lead to crypto holders moving their assets to countries that are more crypto-friendly.

The Business Recorder report reveals that the Financial Action Task Force (FATF) has similarly called on the Pakistani authorities to consider regulating cryptocurrency.

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Terence Zimoara

Terence Zimoara is a Zimbabwean award-winning journalist, author and writer. He has written extensively about the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

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