Report: Pakistan Likely to Earn Billions From Cryptocurrency

According to a document produced by a Pakistani policy advisory board, the country is likely to earn billions of dollars from crypto-asset holders. Yet for this to happen, the country first needs to create the appropriate regulatory framework for crypto assets.

Cryptocurrencies Could Boost Reserves

Pakistan may potentially raise billions of dollars from crypto assets held by its nationals or by residents with dual citizenship, a policy document produced by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has said.

According to a report in The Business Recorder, the document titled “Prospect of Cryptocurrencies: A Context of Pakistan Policy Brief” asserts that Pakistan could also use the crypto assets to help boost the country’s reserves.

However, before it adopts the recommendations of the policy document, Pakistan needs to craft a regulatory framework as well as a national cryptocurrency strategy. This, according to the report, must be done in order to protect the country’s economic interests.

On the other hand, the report argues that Pakistan’s failure to adopt crypto could result in cryptocurrency holders moving their assets to countries that are more friendly to digital currencies.

The Business Recorder report reveals that the Financial Action Task Force (FATF) has similarly called on Pakistan authorities to consider regulating cryptocurrencies.