The worldwide rise in cryptocurrencies, and the broader blockchain ecosystem, is generating news in most Western countries, from Elon Musk’s tweets about Dogecoin to NFTs owned by famous celebrities like Snoop Dogg and Madonna. It is therefore ironic that Pakistan, the country with the third-highest crypto acceptance (according to the Chainalysis 2021 Global Crypto Index), has no policy that allows it to nurture and expand the industry based on its existing popularity.
According to the Federation of Pakistan Chambers of Commerce and Industry, Pakistanis possessed more than $20 billion in cryptocurrencies in 2020-21, which is more than the country’s total foreign exchange reserve.
Pakistani people have a clear desire to participate in the global crypto revolution, and it is the government’s responsibility to legislate and regulate the rules under which they should engage with cryptocurrencies. Regulation is urgently needed to guarantee that Pakistan reaps the full benefits of a change that is inevitable, whether we like it or not.
India, on the other hand, as a neighbouring country, has achieved significant progress in this sector. The Indian government reversed its crypto prohibition and now taxes cryptocurrency revenues, generating a new revenue source for the government. Western countries have also realised that cryptocurrencies are here to stay. The United Kingdom, for example, has extensive taxation law that governs whether crypto profits are subject to capital gains...
Read Full Story: https://www.techjuice.pk/is-pakistans-crypto-currency-moment-finally-here/
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