Islamabad (Newsman): Pakistan has an illegal market of $25 billion crypto currencies and this shadow business of buying and selling of crypto currencies is going on in the country without any legal framework for years.
NEWSMAN spoke on this issue with some individuals who trade in crypto currencies in Pakistan and take risk of losing their entire investment sometimes.
“Crypto currency business is allowed internationally and we do use the foreign platforms for this trade”, said an Islamabad based crypto currency investor requesting not to be named.
This around 24 -year old Pakistani chap educated from UK university has strong views in favour of crypto currency.
“We in Pakistan have a traditional system of banking and investment, but its almost gone in other developed countries. I think the authorities in Pakistan must align themselves to the world and join the new rising crypto currencies bandwagon to take benefits of crypto currencies market”, Pakistani crypto investor suggested.
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He is happy on possible permission of crypto currencies’ use in Pakistan.
“I must acknowledge that the current financial team in Pakistan is having forward-looking approach and it’s going to allow the use of crypto currencies in Pakistan.
The State Bank of Pakistan (SBP) is working on having a legal framework to permit the use of crypto currencies in Pakistan.
Once, Pakistan put in place the legal framework for permitting the use of crypto currencies it would help dig out the real size of cryptocurrencies in Pakistan.
Being illegal at present, there is no platform in Pakistan to guide those who want to trade in any crypto currency.
Also Read: SBP Amendment, Opening Doors for Digital Currency
But an opposite view also is equally stronger and warns of ill-side of the crypto currency market.
“Crypto currency market is world over considered as a grey market and it has no traceability of investment . You get in touch with any brokerage house involved in crypto currency business and you open an online account and start trading.
Since there is no bank involved in it so mostly dubious transactions are made in crypto currencies “, this whistle blower believes.
This scribe also spoke to All Pakistan Currency Dealers Association (APCDA) chief, Malik Bostan Khan to take his views on the issue. He said we have asked SBP to have stringent laws before permitting the use of crypto currencies in Pakistan.
Malik Bostan Khan said, ” The SBP needs to have licencees with at least $ 10 to 15 million cash security to protect the interest of those who trade in any crypto currency”.
Pakistan’s top forex dealer believes crypto currencies legal use can help the government earn substantial revenue from crypto market.