Pakistan plans to legalize cryptocurrency to attract foreign investment
Kyiv • UNN
The Pakistani authorities plan to legalize cryptocurrency in order to attract investment and stimulate the economy. The country seeks to create a regulatory framework for digital assets.
The country seeks to stimulate the local economy and develop a regulatory framework for managing digital asset activities, UNN writes with reference to Bloomberg.
Details
Despite the central bank's warning about the risks associated with cryptocurrency trading, it is already gaining momentum in Pakistan. According to Chainalysis, Pakistan ranks ninth in the world in terms of cryptocurrency adoption.
Pakistan has finished sitting on the sidelines. There are about 15-20 million cryptocurrency users in the country. We want to attract international investment because Pakistan is a low-cost, fast-growing market where 60% of the population is under 30. We have a local Web3 workforce ready to grow
After Bilal bin Saqib became the chief advisor to the Minister of Finance on digital asset management earlier this month, the country has a plan to legalize digital money.
Lawmakers in some of Asia's key digital asset markets are poised to streamline crypto trading, spurred by Donald Trump's pro-crypto program in the United States.
Trump is making cryptocurrency a national priority, and every country, including Pakistan, will have to follow suit
In conclusion
Earlier, UNN wrote that economist Andriy Novak believes that the legalization of cryptocurrencies in Ukraine could become an additional source of budget replenishment. Experts point to legal uncertainty and lack of protection of rights in this area.
