ISLAMABAD: The Islamic Republic of Pakistan, the fifth densely populated country globally, has recently experienced rising cryptocurrency investments. It is estimated that approximately 5% of the Pakistans’ population currently owns cryptocurrencies.
According to a new research and report by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the country’s top trade organization, cryptocurrencies, and property investments remain the best performing assets in 2021.
“Pakistanis own $20 billion in cryptocurrency in 2020-2021, an amount in excess of what the Central Bank has in Forex Exchange Reserves”, FPCCI reported.
Nasir Hayat Magoon, the FPCCI president, prompted the government to devise an integral regulation approach that enables the citizens to trade in cryptocurrencies instead of opting for other places like Dubai.
In his statement, he added that India had taken major steps in regulating crypto trading, and hence Pakistan should follow suit.
According to a report published by Chainalysis on October 14th, the country recorded an unusual increase of 711% in crypto investments in 2021, closely followed by India, at 641%.
This increase has made it one of the most influential crypto markets after the Middle East and European countries.
Besides, as per data issued by Chainalyis — a blockchain data platform — Pakistan was ranked 3rd this year in the Global Cryptocurrency Adoption Index after India and Vietnam.
