Make Pakistan a leader in the BlockChain and Cryptocurrency Revolution
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The blockchain revolution is gathering momentum quickly. It's going to change the internet as we know it and will have downstream effects in every industry.
In addition, cryptocurrencies as an asset class will give opportunities for anyone to save and invest in a way that was previously only available to the wealthy in developed countries (e.g., through Urdubit or CoinBundle).
Pakistan has the opportunity to be at the forefront of this revolution, both from the technological aspect and as a potential way to help its citizens increase their wealth. Unfortunately, the State Bank of Pakistan has taken a negative view towards this industry as indicated by a recent circular which states:
"[Virtual Currencies] are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan. Further, Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/ Payment Service Providers (PSPs) have been advised not to facilitate their customers/account holders to transact in Virtual Currencies/ Initial Coin Offerings (ICOs) /Tokens vide BPRD’s Circular No. 03 of 2018."
This is counter to the point of view some other countries such as Singapore and Estonia are taking, which have created a very friendly environment for Cryptocurrencies. This has brought in tremendous business and foreign direct investment.
We urge the decision makers in Pakistan to capture the opportunity presented by CryptoCurrencies as well and create a favourable environment for this revolution to flourish. The opportunity has the potential to not only help millions of Pakistanis improve their lives but also have a significant impact on the macroeconomic development of the country.
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