Wow, Pakistan Can Save Billions Of US Dollars From Its Citizens Who Have Cryptocurrencies

JAKARTA – Pakistan is reportedly likely to get billions of US dollars from crypto assets owned by residents with dual citizenship. This was conveyed by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) through its latest policy document.

Reporting from The Business Recorder, the document titled "Prospect of Cryptocurrency: A Context of Pakistan Policy Brief" reveals that Pakistan can also use crypto assets to help increase the country's reserves. However, before implementing the policy document, Pakistan needs to develop a regulatory framework and a national cryptocurrency strategy.

The report considers this to be done to protect the country's economic interests. In addition, regarding the high volatility of cryptocurrencies, the document recommends that cryptocurrencies should be recognized as an asset class.

Bitcoin.com News revealed that the report also explains how crypto exchange-traded funds (ETFs) tend to attract both domestic and foreign investors. ETF is considered capable of helping the Pakistan Stock Exchange to regain its position in a number of developing countries.

The document explains that if Pakistan fails to adopt crypto, it is likely that crypto holders will move their assets to more cryptocurrency-friendly countries. On the other hand, the Financial Action Task Force (FATF) has also asked Pakistani regulators to reconsider the draft crypto law.