Cryptocurrencies and blockchain could offer Pakistan another chance to attract new FDIs, writes Jafer Ali Shariff.
From Elon Musk’s tweets about Dogecoin to NFTs owned by Snoop Dogg and Madonna, the global boom in cryptocurrencies, and the wider blockchain space, is making front-page news in most Western countries. It is therefore ironic that the country with the third-highest adoption of cryptos (as per the Chainalysis 2021 Global Crypto Index) – Pakistan – has no regulation that allows it to nurture and grow the field based on its existing adoption. In fact, research by the Federation of Pakistan Chambers of Commerce & Industry reveals that in 2020-21, Pakistanis held in excess of $20 billion in cryptocurrencies; a figure that exceeds the country’s entire foreign exchange reserve.
The reality is simple. The Pakistani people have a clear desire to partake in the global crypto revolution and the onus is on the government to dictate and control the terms on which they should be...
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