Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Nasir Hayat Magoon has said that Pakistani citizens currently hold as much as $20bn in crypto assets combined.
This means that the country’s residents are among the biggest crypto holders anywhere in the world, with trust in Bitcoin (BTC) and other cryptocurrencies beating trust in more advanced financial markets.
Magoon believes that the government should pursue a policy on cryptocurrencies, including some restrictions.
Chainalysis reported in October that the country had seen an incredible increase in the adoption rate of cryptocurrency.
The Chainalysis Global Crypto Adoption Index now ranks Pakistan third, right behind Vietnam and India, using the index score.
Considering the new evidence, the Securities and Exchange Commission of Pakistan (SECP) may find itself forced to pursue active legislation on cryptocurrencies more actively.
The SECP has been trying to elaborate on a basic framework until now, but data about how many residents own crypto was scant, until recently. Pakistani may be adopting crypto as a hedge against regional instability and geopolitical processes that threaten mainstream currencies.
While BTC is as volatile as ever a good number of investors from the country have found it a safer bet in the long-term. There have been numerous calls from local governments and legislators to provide more clarity on the way crypto should be regulated.
In comparison, El Salvador, the world’s first country to recognize BTC as a public tender has $66m worth of BTC, not including the 21 BTC the country purchased earlier this week.