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

According to a document prepared by a Pakistani policy advisory board, the country is likely to earn billions of dollars from holders of crypto assets. However, for this to happen, the country must first create the appropriate regulatory framework for crypto assets.

Cryptocurrencies could boost bookings

Pakistan could raise billions of dollars from crypto assets held by its citizens or residents with dual citizenship, according to a policy document produced by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

According to a report by The Business Recorder, the document titled “Cryptocurrency Outlook: A Policy Brief of the Pakistan Context” states that Pakistan could also use crypto assets to help boost the country’s reserves.

However, before adopting the policy document’s recommendations, Pakistan needs to draw up a regulatory framework as well as a national cryptocurrency strategy. This, according to the report, should be done to protect the economic interests of the country.

With regard to the volatility of cryptocurrencies, the policy document recommends their recognition as an asset class. Furthermore, the report also explains how cryptocurrency exchange-traded funds (ETFs) are likely to attract domestic and foreign investors. Such a crypto ETF could ostensibly help the Pakistan Stock Exchange to regain its position among emerging economies.

On the other hand, the report argues that Pakistan’s failure to embrace cryptocurrencies could cause crypto holders to move their assets to countries that are more digital-currency friendly.

The Business Recorder report reveals that the Financial Action Task Force (FATF) has also asked Pakistani authorities to consider regulating cryptocurrencies.

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Terence zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries and on how digital currencies can provide an escape route for Africans.

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