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$20 bn worth BTC and other crypto possessed by Pakistanis

Updated: Jul 25, 2024
Published: Dec 22, 2021
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Crypto investors in Pakistan possess a cumulative amount of $20 billion in cryptocurrencies, including Bitcoin (BTC), as per the Federation of Pakistan Chambers of Commerce and Industry President Nasir Hayat Magoon on Wednesday. Furthermore, the President added in his statement that the valuation is based on a report from the chamber's research paper.

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BTC and other crypto owned by Pakistanis

As per the report, President Magoon pointed out the surge in crypto adoption across the world as well as Pakistan and said that it is important for the authorities to step in and regulate the market. Furthermore, the President pointed out that India has also been actively investigating the ways of regulating the crypto market. 

Until now, the crypto payments and BTC industry are considered different from the traditional payments industry. In the report, Magoon claimed that it is very important to implement regulatory changes in the crypto market due to increased adoption in the country and a rise in cases of scams and other inconsistencies in the payment system. 

On the other hand, India has decided to ban 'private cryptocurrencies' not revealing if these include BTC and other major currencies. Furthermore, India's Securities and Exchange Board will be responsible for regulating the crypto market. The goal is to transform the crypto market into a regulated one like the stock market. 

Widespread adoption

The report also mentioned the increased adoption of cryptocurrencies, including BTC, in Pakistan. As per data from Chainalysis, Pakistan has seen a huge surge in cryptocurrency adoption. The Chainalysis Global Crypto Adoption Index ranked Pakistan just behind Vietnam and India in terms of cryptocurrency investors and the amount invested. 

The BTC and crypto adoption index from Chainalysis is based on three important metrics: On-chain cryptocurrency value received, weighted by purchasing power parity (PPP) per capita, peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita, and a number of internet users, and on-chain retail value transferred, weighted by PPP per capita.

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