Pakistan is likely to earn billions from cryptocurrencies 

According to a document issued by the Pakistan Policy Advisory Council, the country is likely to earn billions of dollars from crypto asset owners. But for this to happen, the country first needs to create the appropriate regulatory framework for crypto assets. Cryptocurrencies could boost reserves A policy document issued by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that Pakistan could raise billions of dollars in crypto assets held by its citizens or residents with dual citizenship.

According to a report in The Business Recorder, the document titled “Cryptocurrency Forecast: Context of Pakistan’s Policy Brief” confirms that Pakistan could also use crypto assets to help boost the country’s reserves. However, before Pakistan adopts the recommendations of the policy document, it needs to formulate a regulatory framework as well as a national cryptocurrency strategy. According to the report, this must be done in order to protect the country's economic interests.

Regarding the volatility of cryptocurrencies, the policy document reportedly recommends their recognition as an asset class. In addition, the report also shows how exchange-traded funds (ETFs) are likely to attract domestic and foreign investors. Such type of exchange-traded funds could ostensibly help the Pakistan Stock Exchange regain its place among emerging economies.

On the other hand, the report argues that Pakistan’s failure to embrace cryptocurrencies may lead to crypto holders moving their assets to more crypto-friendly countries. The Business Recorder report reveals that the Financial Action Task Force (FATF) has similarly called on Pakistani authorities to consider regulating cryptocurrencies. Source