shadoweconomy

Pakistan's crypto market is booming, with an estimated $20-25 billion invested despite a previous ban. The country ranks third globally in crypto adoption, with over 40 million Pakistanis actively using cryptocurrencies. So, what's driving this growth?

Limited access to traditional banking*: Many Pakistanis lack access to conventional banking services, making crypto an attractive alternative.

High inflation rates*: Cryptocurrencies offer a hedge against inflation and currency devaluation.

Financial independence*: Crypto provides a means for individuals to manage their finances independently.

Remittances*: Pakistan receives significant remittances, and crypto enables faster, cheaper transactions.

The government is taking steps to regulate the industry, including:

Establishing the Pakistan Digital Asset Authority (PDAA)*: To oversee and regulate digital assets.

Introducing a Central Bank Digital Currency (CBDC)*: To promote financial inclusion and reduce reliance on cash.

Licensing crypto exchanges*: To ensure compliance and consumer protection.

Experts predict Pakistan's crypto market could reach $300 billion, nearly equal to the country's GDP. While there are risks, such as money laundering and cybersecurity threats, the government is working to balance innovation with regulation

#CryptoInPakistan
#ShadowEconomy
#FinancialInclusion
#Regulation
#Innovation
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