Malik Bostan, the chairman of the Exchange Companies Association of Pakistan (ECAP), said in a meeting today that when cryptocurrencies are legally and appropriately regulated in Pakistan, remittance inflows will increase dramatically to $50 billion from the current level of about $38 billion.
This meeting was attended by M. Zafar Paracha, Sheikh Sajid Hussain, Syed Zohaib, Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), and other stakeholders from the exchange companies sector.
According to Malik Bostan, Pakistan is about to enter into a new phase of digital transformation and will use modern financial systems to make a stronger economy. He stated that transaction costs might drop dramatically from about 6% to about 1% with the legalization of cryptocurrency and the introduction of digital licensing.
He further added that, Exchange companies will be completely integrated into the system in the second phase, and efforts are being made to start transactions shortly so that the general public can gain advantages from the digital framework.
He expressed hope that Pakistan’s remittance inflows could boost significantly and could approach $50 billion once the system is fully operational.
Bilal bin Saqib stated that exchange companies will receive licenses in stages under the planned Crypto Council framework. After receiving a NOC from the Crypto Council, businesses will be permitted to open accounts in the initial phase.
Pakistan is moving toward formal regulation of digital assets, with the proposed PVARA, a framework intended to bring cryptocurrency and virtual assets under a legal licensing system. This might be an attractive source of investment for all Pakistanis.
This initiative aims to regulate exchanges, promote transparency, and integrate digital finance into the national economy instead of keeping it unregulated.
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