According to a paper created by a Pakistani policy expert panel, the nation is projected to gain billions of dollars from cryptocurrency holders. However, in order to make that happen, the government must first establish an adequate regulatory environment for cryptos.
Cryptocurrencies may increase reserves
According to a strategy document issued by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Pakistan may possibly raise tens of billions from cryptocurrency assets owned by its nationals or people with the dual nationalities.
As per The Business Recorder, a paper titled “Prospect of Digital currencies: A Context of Pakistan Report Prepared” suggests that Pakistan might employ crypto assets to assist enhance the country’s reserves.
Furthermore, before implementing the policy document’s proposals, Pakistan must develop a regulatory regime and a national crypto policy. As per the research, this is necessary in order to defend the country’s economic priorities.
Concerning the unpredictability of digital currencies, the policy paper apparently suggests that they be recognized as an asset class. Furthermore, the research discusses how bitcoin exchange-traded funds (ETFs) are anticipated to attract both domestic and global investors. A crypto ETF might presumably assist the Pakistan Stock Exchange reclaim its place among emerging markets.
The research, on the other side, contends that Pakistan’s inability to accept cryptocurrencies may end in cryptocurrency ownership shifting their assets to nations that are more welcoming to digital currencies.
According with Business Recorder, (FATF) has also urged Pakistani officials to examine regulating virtual currencies.
