Pakistanis keep $ 20 billion in crypto, report says

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Posted on December 27, 2021

Pakistanis own $ 20 billion in cryptocurrency, according to a report by the Federation of Pakistan Chambers of Commerce and Industry.

According to Pakistan Frontier, the nation has more cryptocurrency than foreign exchange reserves.

In the report produced by the association’s Policy Advisory Board, it is estimated that Pakistanis held cryptocurrency worth $ 20 billion during the period 2020-21.

The authors noted that the popularity of digital currencies like bitcoin has increased over the past two years.

With market growth of 711% in 12 months, Pakistan climbed to third place in this year’s Global Crypto Adoption Index calculated by blockchain forensics firm Chainalysis, behind only India and the Vietnam.

The report said: “However, the actual total crypto holdings may be much higher than the figure mentioned in the PAB report.

“Many residents of the country buy coins through peer-to-peer agreements and these investments go largely undetected,” the Business Recorder notes in an article. Cryptocurrencies are still a gray area in Pakistan as the country’s current legislation does not cover digital assets. ”

Pakistan must adopt a legal framework aligned with guidelines issued by the Financial Action Task Force and the International Monetary Fund, the report said.

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