According to experts,
Pakistanis have invested between $20 billion and $30 billion in crypto-related assets.
The revelation was made during the annual conference of the Sustainable Development Policy Institute (SDPI),
where experts urged the government to develop a regulatory framework for crypto as soon as possible,
as further delay could deprive Pakistan of a major economic opportunity.
There is no legal framework in the country that recognizes or monitors crypto asset transactions,
which is why it is not possible to accurately assess the actual activity.
He predicted that in the future,
the volume of crypto trading by Pakistanis could reach $300 billion,
which is close to the country’s GDP of about $400 billion.
The conference participants recommended a gradual and cautious legalization of crypto,
saying that weak regulation and weak cybersecurity could expose consumers to the risk of fraud and financial instability.
He suggested that the government should introduce a central bank digital currency in the first phase..
to reduce the cost of remittances and bring digital transactions under state supervision.
Pakistan Banks Association President Zafar Masood said that if Pakistan takes timely steps,
it can reap economic benefits of $20 to $25 billion.
State Bank of Pakistan officials confirmed that work has been underway since 2022 on a prototype of the digital currency,
which includes cooperation from the World Bank and the IMF,
and the pilot phase should be launched after testing.
A digital financial system can not only reduce the cost of remittances but also increase financial inclusion and help Pakistan align with global fintech trends.
However, delays in regulation will leave Pakistan behind in the next wave of digital finance.
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