As the adoption of the cryptocurrency industry is growing on a global scale, Pakistan is also getting ready to shock the entire world. As of now, Pakistan ranks as the 5th largest country in the world in terms of population, and it is taking full advantage of that for crypto-adoption.
It is due to the high population in Pakistan that crypto-adoption has been surging in the country. Just recently, the President of FPCCI, Nasir Hayat Magoon has shared a report in regards to the adoption of cryptocurrencies in the country.
In his report, Magoon has summarized the participation level of the Pakistani community in the cryptocurrency investment sector. He revealed that as of now, the people from Pakistan have a large amount of money invested in cryptocurrencies. He revealed that Pakistanis currently have over $20 billion invested in cryptocurrencies.
This means that as of now, the Pakistanis represent 1% of the total cryptocurrency investments in the sector. For a country currently under a lot of international debt and suffering from bad government policies and economy, it is a huge development.
Just like India, the youth of Pakistan is eager to find newer ways of investing in different trading instruments and make a living out of them. Therefore, they are making small, mediocre, and large investments in cryptocurrencies, gaining as much exposure in the industry as possible.
Magoon also signified the importance of adopting cryptocurrencies given the current economic condition of the country. He also talked about policy-making and governance surrounding cryptocurrencies.
He stated that India has also imposed some restrictions on cryptocurrencies, and they need to do the same. For now, cryptocurrencies are completely unregulated in the country, as Pakistan has no policy surrounding cryptocurrencies.
It was in early 2021 when the High Court of Sindh had summoned the deputy governor of the State Bank of Pakistan regarding cryptocurrencies. The Sindh High Court had reacted to a petition filed by Pakistani celebrity “Waqar Zaka” in support of cryptocurrencies.
The Sindh Court wanted to know what the status of cryptocurrencies was in Pakistan. According to Waqar Zaka’s petition, he had contested the decision made by the State Bank of Pakistan about banning cryptocurrencies back in 2018.
However, the State Bank of Pakistan had no answer or explanation to the question posed by the Sindh High Court about the banning of cryptocurrencies. After that, the Sindh High Court ordered the government to come up with a policy surrounding cryptocurrencies.
Still, the cryptocurrency firms have not gained any operating access in Pakistan. The majority of the crypto-investors in Pakistan are using Binance, interacting through the P2P feature to fund their Binance accounts and carry out trades.