Cryptocurrency has begun to reshape the financial system around the world. Developed countries are making legislative and institutional reforms to incorporate this technology into their economic structures, while developing countries like Pakistan have been hesitant in this regard. As is usually the case, the ruling classes of developing countries are ready to accept every new change very late. However, in recent days, a significant development has started to determine the direction of Pakistan’s future in this field and Pakistan is also ready to enter a new financial era.
What is cryptocurrency? What is its future? And how successful is it currently? It is also important for the educated class of Pakistan to understand it so that they can understand the requirements of the new financial system well and be able to keep up with it. This is the stage of development. Cryptocurrency is a decentralized digital currency based on blockchain technology that is free from the intervention of the government or a central bank. Bitcoin, Ethereum and other similar currencies are based on blockchain technology. However, legislation in this regard is yet to be enacted in Pakistan. Cryptocurrencies are now gradually becoming an alternative means of financial transactions around the world, especially in societies where the traditional financial system is unable to meet the needs of the public. The popularity of cryptocurrency is also quietly growing in Pakistan.
Young people associated with technology, freelancers and people receiving money from abroad have adopted crypto as an alternative value system. It is also being used in Pakistan. According to a recent report, about 9 million people in Pakistan are associated with crypto at some level or another. This number puts Pakistan among the ten countries in the world where crypto is being adopted the most at the public level.
On the other hand, the government’s attitude in this regard has been ambiguous. In the past, the State Bank of Pakistan had issued a decree in 2018 declaring cryptocurrency illegal and barring financial institutions from providing any services related to it. Due to this ban, crypto activities continued in the country in an informal and unsafe manner, but now the Pakistani government has realized its importance. Crypto is not only a reality but its role in the global financial system is increasing. In this context, the Pakistani government took an important decision this week and announced the establishment of a “Crypto Council”, which aims to provide policy formulation, guidance and supervision for digital assets in the country. A talented young man, Bilal bin Saqib, has been appointed as the Chief Executive to head this council. The key points on which the Crypto Council will work are as follows.
Formulating a clear policy on cryptocurrency in Pakistan, providing protection to investors, promoting the establishment of local crypto exchanges, and developing a regulatory framework compatible with international institutions. Apart from these issues, Pakistanis are also facing many other difficulties in the matter of cryptocurrency. The lack of clear legislation on crypto has exposed investors to risks. The brain drain of local youth and crypto experts should also be stopped. Cryptocurrency experts and startups are moving abroad due to restrictions in Pakistan, stopping them is also the need of the hour so that we do not have a shortage of trained people in this emerging financial system.
If the government takes serious steps in this matter, Pakistan can benefit greatly from crypto and “blockchain technology”. In rural areas where banking facilities are non-existent, this deficiency can be filled through crypto. Cryptocurrency will enable low-cost and fast remittances for overseas Pakistanis. Pakistan is still at the beginning of the cryptocurrency space, but it is time for state institutions, policymakers, and civil society to come together and adopt a unified course of action. The establishment of the Crypto Council is certainly the first step in a positive direction, not the last. If we do not seize this opportunity, Pakistan will be left far behind in the global financial system. The world is moving towards digital finance and Pakistan will have to be a part of it.
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