'Clear policies a must for crypto'
In 2021, interest in cryptocurrency among Pakistani investors grew rapidly. PHOTO: FILE
The President of the Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Muhammad Saleem Memon, has lauded the government's efforts to promote cryptocurrency and blockchain technology, calling it a potential game-changer for Pakistan's economy.
In a statement issued Saturday, he highlighted the appointment of Bilal Bin Saqib as Chief Advisor to the Finance Minister for the Pakistan Crypto Council as a step toward embracing a digital economy. He stressed that integrating modern technology is crucial for reshaping Pakistan's business landscape.
Memon noted that cryptocurrency is gaining global acceptance, with countries like the UAE, Singapore, Japan, and the US regulating digital assets to boost economic growth. He pointed out that El Salvador has set a precedent by granting Bitcoin legal status, leading to economic improvements.
He further stated that Pakistan ranked third in cryptocurrency adoption in 2021, with $20 billion in crypto transactions that year. He underscored that a well-regulated framework could attract billions in foreign reserves, enhance transparency, and streamline remittances. Blockchain integration, he added, could reduce corruption and establish a secure payment system.
Memon urged the government to introduce clear regulations, with the SBP and SECP developing a secure, legal framework for cryptocurrency.