Cryptocurrencies’ adoption and use are massive and continue to grow exponentially in almost the entire Asian region. However, there are still some countries in the Asian region, which have failed to earn benefits from this rapidly growing diverse industry of cryptocurrencies. Amongst such countries is Pakistan who though is a neighboring country of India yet is not taking any leads from the neighbor.
Otherwise most of the time both countries are in a race with each other and try to take a lead from the other. However, in the race of crypto use and adoption, no doubt India has outperformed Pakistan by a fair distance.
But it is quite usual for Pakistan to follow the trend at a belated stage and this is happening right now. Pakistan Government has taken on board economists, financial experts, and industrials from all across the country. All of them have been entrusted with the task of paving the way for the crypto industry to set up its roots in Pakistan. More importantly, the Pakistani Government has come to believe that Bitcoin isn’t just a diverse asset but a store of value.
Pakistan is currently aiming towards providing financial services to the already existing crypto industry in the country. But because the industry is working under no one’s control therefore crypto trading is done mischievously. The Government is of the view that the crypto industry will need to be safeguarded and promoted and for this purpose, a complete infrastructure is required. However, cryptocurrencies should be used in Pakistan for eliminating money laundering and other illicit activities.
This shows that the Pakistani Government indeed believes that crypto is an effective source of countering financial crimes i.e. corruption and corrupt practices. In addition, the ruling party PTI under the administration of Prime Minister Imran Khan also showed great support to the crypto cause. Because PTI came to power on the basis of its slogan namely “eliminating corruption”, therefore, the ambitions of both are the same.
Reza Baqir, who is the present Governor of the Central Bank of Pakistan namely State Bank of Pakistan also shared his viewpoint regarding crypto. He was interviewed by the English news channel CNN where he stated that he and his entire team are studying cryptocurrencies in-depth. But the decision of whether Pakistan would be legalizing crypto is still not finalized.
Baqir added furthermore that the State Bank of Pakistan and the Government of Pakistan are serious about launching centrally owned and controlled cryptocurrency. He stated that Pakistan wants to officially become part of the crypto industry by issuing its own CBDC. He lamented that there are multiple benefits of launching CBDC in the first place.
For instance, he explained that Pakistan’s CBDC will ensure implementation of the Government’s policy towards corruption i.e. “zero tolerance”. Secondly, the much-needed economic revival will be restored quickly, said Baqir.