Future of Bitcoins in Pakistan
Since the bitcoins became famous worldwide, a lot of investments were made in Silicon Valley too. Many entrepreneurs of Silicon Valley from Pakistan tried to pursue opportunities that came from digital currency. Undoubtedly, for developing countries like Pakistan, using a cheaper, easier, and transparent system in recording transactions can be a good option for many.
For people who don’t have their bank accounts estimated to be around 2 million, these blockchain and digital currencies are a blessing. Not only this, a huge number of freelance workers saw great hope in using this digital currency system, which would save them from higher transaction charges and many other issues that they could have faced otherwise.
As mentioned earlier, no law restricts the use of bitcoins in Pakistan except that the SBP doesn’t support or appreciate digital currency usage. The regulation of bitcoins through government platforms seems a dream only, as this is something that is not possible anytime soon. But, one should realize that cryptocurrency does not necessarily need to be regularized through the government like the physical currency. It can be taken alongside the central bank system as this way of the transaction has eased many problems for many people in Pakistan.
With no physical bank presence required and no staff to take care of, a lot of money can be saved to run this transparent and standardized financial system in Pakistan. Pakistan’s National Financial Inclusion Strategy should look into the matter to find out if the digital currency system can be incorporated as something good for people who strive for a better, safer, anonymous, and transparent financial system.
Future of Bitcoins in Pakistan
Since the bitcoins became famous worldwide, a lot of investments were made in Silicon Valley too. Many entrepreneurs of Silicon Valley from Pakistan tried to pursue opportunities that came from digital currency. Undoubtedly, for developing countries like Pakistan, using a cheaper, easier, and transparent system in recording transactions can be a good option for many.
For people who don’t have their bank accounts estimated to be around 2 million, these blockchain and digital currencies are a blessing. Not only this, a huge number of freelance workers saw great hope in using this digital currency system, which would save them from higher transaction charges and many other issues that they could have faced otherwise.
As mentioned earlier, no law restricts the use of bitcoins in Pakistan except that the SBP doesn’t support or appreciate digital currency usage. The regulation of bitcoins through government platforms seems a dream only, as this is something that is not possible anytime soon. But, one should realize that cryptocurrency does not necessarily need to be regularized through the government like the physical currency. It can be taken alongside the central bank system as this way of the transaction has eased many problems for many people in Pakistan.
With no physical bank presence required and no staff to take care of, a lot of money can be saved to run this transparent and standardized financial system in Pakistan. Pakistan’s National Financial Inclusion Strategy should look into the matter to find out if the digital currency system can be incorporated as something good for people who strive for a better, safer, anonymous, and transparent financial system.