Pakistan Chamber Of Commerce Says Its Citizens Have IDR 284 Trillion In Crypto Assets, Third Largest In The World In Trade

Pakistanis own a lot of crypto assets. (photo; doc. pixabay)

JAKARTA - Nasir Hayat Magoon, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has stated that Pakistani nationals already have a combined crypto asset value of US$20 billion (Rp 284 trillion).

During the press conference, the FPCCI President said that the valuation of Pakistan's digital currency was based on the chamber's research papers, according to local reports. He urged the government to implement a cryptocurrency policy, pointing out that India has implemented some restrictions in this area, the report quoted Cointelegraph as saying.

In October, a study published by Chainalysis revealed that Pakistan had experienced a remarkable increase in cryptocurrency adoption over the previous year.

The Chainalysis 2021 Global Crypto Adoption Index places Pakistan at the third highest ranking in terms of index score behind Vietnam and India. The rankings are based on three metrics: transmitted on-chain crypto value, transferred on-chain retail value, and peer-to-peer exchange trading volume.

On October 20, 2021, the highest judicial body of Sindh Province, Pakistan, urged the federal government to provide modalities for cryptocurrency regulation. The Sindh High Court (SHC) ordered government bodies such as the Ministry of Information Technology and Law to collaborate with regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to establish crypto regulations within three months.

The SECP has been considering crypto legislation since November 2020, as reported by Cointelegraph. Apart from cryptocurrency regulation, the Governor of the State Bank of Pakistan, Reza Baqir, stated that the bank is analyzing the possibility of digital currencies from the central bank.