According to a document produced by Pakistan’s Political Advisory Board, the country could make billions of dollars from crypto-asset owners. However, to do this, the country must first create a regulatory framework for crypto assets. Cryptocurrencies may increase reserves.
According to a policy document produced by the Federation of Pakistan Chambers of Commerce (FPCCI), Pakistan could raise billions of dollars from crypto assets owned by citizens or dual citizens. According to a report by The Business Recorder, a document entitled “Cryptocurrency Outlook: Context of Pakistan’s Policy Briefs” argues that Pakistan can also use crypto assets to replenish its national reserves. I am.
Read more: Blood on the streets: $400m washed away from crypto market
How crypto can change the economy?
However, before Pakistan adopts the recommendations of the policy document, it must develop a regulatory framework and a national cryptocurrency strategy. According to the report, this must be done to protect the economic interests of the country.
Earlier, addressing a press conference, FPCCI President Nasir Hayat Magoon said, “As per our research, Pakistanis have cryptocurrency worth $20 billion.”
He urged the government to devise a comprehensive policy so that people could cash the cryptocurrency in Pakistan instead of Dubai. Even India has introduced rules related to cryptocurrency, Magoon added.
Magoon said the biggest problem of the incumbent government was ‘not making decisions on time’. He said Minister for Energy Hammad Azhar should resign if he fails to make timely decisions.
Read more: Bitcoin fall scare crypto traders
FPCCI chief on crypto
Criticizing the PTI-led government, the FPCCI chief said that benefits from a reduction in oil prices in the international market could not be transferred to people in Pakistan.
What basically happened was the FPCCI president misconstrued traded value as “assets held” and got quoted by The News. Given the shock factor with both the amount involved and crypto generally, the item was quickly picked up by social media accounts and circulated on WhatsApp, becoming a key talking point of the December wedding season.
Read more: Pakistanis owning $20Bn in crypto assets unrealistic: Former FBR head
For those who are still confused about the difference, let me expand: say you buy $1,000 worth of bitcoin on July 1 which appreciates to $1,300 by September end so you decide to sell. With these proceeds, you invest all the amount in Cardano on the same date and sell three months later for $1,200. So while the crypto assets held as of Dec 31 will be worth $1,200, the traded value of crypto will be 4x higher at $4,800.