Why Pakistan needs to embrace digital assets and cryptocurrency

Why Pakistan needs to embrace digital assets and cryptocurrency

December 29, 2021 0

What happened:

 Earlier in 2021, the Khyber Pakhtunkhwa government had hinted at building two hydroelectric-powered mining farms as the hype around digital currency continues worldwide. The hype around cryptocurrency and NFTs has forced Pakistan to choose cryptocurrency. On the other hand, Turkey and China have taken measures to curb cryptos and in India, the central bank had forbidden banks from dealing in crypto. 

Details:

The experts have also suggested that digital currency can bring in economic efficiency and freedom as they cut out commissions and state control. Whereas, a 2021 survey of central banks by the Bank for International Settlements disclosed that 80% of the banks are actively researching the potential of digital currencies while some are running pilot projects.

Why would it help Pakistan?

 Dawn reported that crypto and digital currency could help the nation get out of FATF’s grey list. Whereas the government’s Digital Pakistan Policy does not address digital assets, Dawn’s report suggests that digital currency should be included. However, it will take Pakistan time and effort, but the potential that digital assets and currency hold can change the nation’s economy and benefit Pakistanis. 

Rana Abdullah Hammad
Rana Abdullah Hammad
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