Despite the “ban” of investing in cryptocurrency, Bitcoin (and cryptocurrency mania) has now fully penetrated Pakistan. We all have friends, family and relatives who invest in crypto assets. Unsurprisingly, the cryptocurrency exchange Binance is now the fourth most downloaded app in Pakistan.
By 2021, the reception of cryptocurrencies will continue to develop globally. After repeating the bullish and bearish patterns, the forces of change that depend on the local existence will be overwhelmed.
During this period, blockchain data platform Chainalysis designed a global crypto adoption rate report based on transaction indicators. According to the report’s findings, Ukraine and Russia are leading the cryptocurrency adoption trend, while Pakistan ranks at 15th position in Asia for crypto adoption.
According to Chainalysis, it is estimated that Pakistan’s cryptocurrency revenue reached 1.5 billion U.S. dollars last year, and many reviewers suggested that if the transaction process is simplified, this number may be even higher by 2021.
It is time for Pakistan to develop a regulatory framework for this asset class. The “ostrich strategy” that ignores the emergence of encrypted assets is no longer feasible. There are more than $2 trillion in assets in the crypto economy. The largest exchange, Coinbase, is a public company with a market capitalization of nearly $50 billion.