President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has revealed that the Pakistanis possess cryptocurrencies roughly worth $20 billion.

During a press briefing, President FPCCI urged the government to develop a comprehensive regulatory framework so that digital assets such as cryptocurrencies could be cashed in Pakistan rather than in Dubai.

Although the issue of regulating digital currencies is a question mark in Pakistan for now, the country surprisingly ranks among the top 15 countries of the world for digital currency adoption as of July 2021.

According to Chainalysis, it is estimated that Pakistan received in excess of USD 1.5 billion in crypto-cash last year, with many analysts suggesting that it could have been a lot more in 2020-2021 had crypto transactions been made easier and legalized.

Last week, Federal Minister for Information and Broadcasting, Fawad Chaudhry, told media persons that Pakistan did not plan to legalize cryptocurrencies anytime soon.

He shared different reasons for not legalizing cryptocurrencies and remarked that digital currencies were too volatile at the moment and did not offer a clear picture of where they were headed in terms of value. However, he did acknowledge that the world would eventually need to evolve toward a unified digital payment system.