fbpx
Skip to content Skip to sidebar Skip to footer

Pakistanis Reported to Keep Cryptocurrencies Worth $20 Billion

The President of Federation of Pakistan Chambers of Commerce and Industry, Nasir Hayat Magoon, claimed that Pakistanis are holding approximately $20 billion worth of Bitcoin and other cryptocurrencies. He stated that this claim was supported by the chamber’s research report.

Magoon urged the government to add a new policy that facilitates cryptocurrency transactions, bringing up India as one of the countries that are well on their way to launch their own crypto policies. The president insisted that the new regulations are necessary for the investors to trade their coins in Pakistan instead of other countries like Dubai.

The report by the chamber recommends the country to adopt a legal framework that is aligned with the guidelines issued y the Financial Action Task Force and the International Monetary Fund.

The Chainalysis’ research report that was published in the previous month said that the crypto market has seen a significant boom in Pakistan as more Pakistanis are showing interest in cryptocurrency. Additionally, it said that the crypto market grew by 711% in the country for the past 12 months.

Meanwhile in India, the market experienced 641% growth for the past 12 months. Chainalysis reported that the amount of venture investments in the crypto sphere in India has grown as well.

 

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us