Swift Digitalisation in Pakistan.

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13 Feb 2024
164

Pakistan is fourth most populous country of the continent Asia with 60% young generation age 15-25. It is high potential number with latest education, technology and skills. Pakistan stands on 3rd place as most dynamic & active Crypto market of 2023. Pakistan has around $4 billions ownership in Crypto share and it increasing rapidly. These statistics are unofficial because the ligitmat of Crypto still under process.

Digitalisation process in Pakistan is not new but yes the speed is slow due to lot of hurdles from different sources. Branchless banking, 4G broadband spectrum & internet services, revolution in IT & hi-tech Industry, latest technologies in agriculture, space rocket science, super sonic missile technology etc are being g examples that how swiftly Pakistan moving alnog with digitalisation.
Image source

Digital payments & Web3.
According to latest quarterly report from state Bank of Pakistan ( SBP) ، Pakistan adopting web3 in various sectors and the digital transaction data increased to 40% of total market which is remarkable.
Although it is far away from other countries of the region like India who reached to 65% of digital transactions.
Map.bitcoin.com

Crypto, Metaverse & adoption.
Still Crypto legalisation is under process and yet to take it as official but individuals are doing P2P trade of Crypto on exchanges like binance and Cucoin and merchants accepting Crypto especially bitcoin cash in different parts of the country. BCH has 16 official affiliate merchants in Pakistan which also facing some restrictions from financial authority. Unofficial merchants are available in every city to exchange the Crypto in fiat and fiat to Crypto. Money exchangers, gold Smith shops, grocery stores are giving services in this regard.
GOP set a official committee under supervision of Dr.Nadeem to prepare a study case about Crypto assets, regulations, virtual currency, NFT and Metaverse pertaining in the province. This initiative shows the interest of higher authorities in Crypto market and digitalisation.

These steps giving some positive hope to users , holders and traders of Crypto that they will work freely in the country without any threats. This progress will go further with collaboration of SBP and by end of the year 2024 it could be under a certain laws in which some tax will be imposed like other countries.

Another case from Wakar Zaka , A Crypto lawyer, is in proceedings in Sindh high court about Crypto ligitmisation. Still IMF and world Bank has negative concerns over Crypto verse and they didn't support it but finance ministry is capable to do the regulation of crypto in vast interest of his common nationals.

Xoom.

Xoom ( A PayPal subsidiary) also started its services in the country which is another good step by PSX to award it approval of business. Online income can be transferable swiftly by Xoom at doorstep which will encourage people to adopt it quickly.

The formation of new government in results of latest elections held on 8 th February 2024 in the country giving hope that the legislation process will get wings and a crypto friendly environment will took place.

That's all for today, like upvote and leave comments for feedback.
Note: The article also published on read.cash.

Cheers,

Amjad





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