Pakistan records $20 billon Cryptocurrency value in 2020-21

Pakistan recorded around $20 billion of cryptocurrency value in 2020-21, according to a latest research report by Policy Advisory Board (PAB) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

The report has recommended that the government authorities must regulate cryptocurrencies by implementing the legal framework to better align with the Financial Act Task Force (FATF) and the International Monetary Fund’s (IMF) guidelines.

It said that cryptocurrency adaptation in Pakistan gained momentum in the last couple of year and the country ranked 3rd in the Global Crypto Adoption Index 2020-21, showing an abnormal increase of 711 percent. “Pakistan recorded around $20 billion of cryptocurrency value in 2020-21,” it said.

However, current legal framework in Pakistan has held the cryptocurrency under the grey area. The Stat Bank of Pakistan (SPB) advised the general public to refrain from indulging it cryptocurrencies, whereas SBP put prohibition on entities under its umbrella on dealing in virtual currencies. Pakistan’s trading and lending partners such as China and IMF have both levelled criticism against the technology. Moreover, the FATF has called on the Pakistani authorities to better regulate the crypto industry.

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