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Thursday May 19, 2022

Pakistanis have cryptocurrency worth $20bn, reveals FPCCI chief

FPCCI President Nasir Hayat Magoon urges government to devise comprehensive policy so that people could cash cryptocurrency in Pakistan instead of Dubai

By Web Desk
December 22, 2021
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. — REUTERS/File
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. — REUTERS/File

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry Wednesday revealed  that Pakistanis possessed cryptocurrency worth around $20 billion.

Addressing a press conference, FPCCI President Nasir Hayat Magoon said, "As per our research, Pakistanis have cryptocurrency worth $20 billion."

He urged the government to devise a comprehensive policy so that people could cash the cryptocurrency in Pakistan instead of Dubai. Even India has introduced rules related to cryptocurrency, Magoon added.

Magoon said the biggest problem of the incumbent government was ‘not making decisions on time’. He said Minister for Energy Hammad Azhar should resign if he fails to make timely decisions.

Criticising the PTI-led government, the FPCCI chief said that benefits from reduction in oil prices in the international market could not be transferred to people in Pakistan.

Talking about the ongoing gas crisis in the province, he said that Sindh produced 2,310mmcf gas while just 900mmcf gas was being provided to the province.