Pakistanis Own Crypto Assets Worth $20 Billion

[313ghazi]

President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has revealed that the Pakistanis possess cryptocurrencies roughly worth $20 billion.

During a press briefing, President FPCCI urged the government to develop a comprehensive regulatory framework so that digital assets such as cryptocurrencies could be cashed in Pakistan rather than in Dubai.

Although the issue of regulating digital currencies is a question mark in Pakistan for now, the country surprisingly ranks among the top 15 countries of the world for digital currency adoption as of July 2021.

According to Chainalysis, it is estimated that Pakistan received in excess of USD 1.5 billion in crypto-cash last year, with many analysts suggesting that it could have been a lot more in 2020-2021 had crypto transactions been made easier and legalized.

Last week, Federal Minister for Information and Broadcasting, Fawad Chaudhry, told media persons that Pakistan did not plan to legalize cryptocurrencies anytime soon.

He shared different reasons for not legalizing cryptocurrencies and remarked that digital currencies were too volatile at the moment and did not offer a clear picture of where they were headed in terms of value. However, he did acknowledge that the world would eventually need to evolve toward a unified digital payment system.

Pakistanis Own Crypto Assets Worth $20 Billion

President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has revealed that the Pakistanis possess cryptocurrencies roughly worth $20

propakistani.pk

================

I'm really pleased to know that so many Pakistani have taken a risk in Crypto and feel that the rest of us should learn from them. Maybe don't dive into crypto, but don't be afraid to take a risk on business or investment, esecially young people. Make your mistakes - even if you fail you will have you experiences to teach those younger than you.

 

[ejaz007]

FIA is Freezing Credit Cards and Bank Accounts for Trading Cryptocurrencies
By Ahsan Gardezi | Published Dec 22, 2021 | 10:21 pm

The Federal Investigation Agency (FIA) has seized bank accounts of 1,064 individuals based on a month-old request received through the Cyber Crime Reporting Center (CCRC) in Islamabad.

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Sources told ProPakistani that a regular inquiry had been registered under RE-955/2021 on 27 September 2021 against the profiles of 1,064 individuals who had carried out 2,923 transactions worth a whopping Rs. 51 million through numerous online exchanges, including Binance, Coinbase, and Coinmama.

Sources said that credit cards associated with bank accounts, which had traces of transactions in cryptocurrencies, were blocked by multiple banks. Moreover, the bank accounts of individuals who had been using Binance P2P to buy or sell cryptocurrencies were also frozen.

FIA is Freezing Credit Cards and Bank Accounts for Trading Cryptocurrencies

The Federal Investigation Agency (FIA) has seized bank accounts of 1,064 individuals based on a month-old request received through the Cyber Crime

propakistani.pk

 

[313ghazi]

FIA is Freezing Credit Cards and Bank Accounts for Trading Cryptocurrencies
By Ahsan Gardezi | Published Dec 22, 2021 | 10:21 pm

The Federal Investigation Agency (FIA) has seized bank accounts of 1,064 individuals based on a month-old request received through the Cyber Crime Reporting Center (CCRC) in Islamabad.

Advertisement
​

Sources told ProPakistani that a regular inquiry had been registered under RE-955/2021 on 27 September 2021 against the profiles of 1,064 individuals who had carried out 2,923 transactions worth a whopping Rs. 51 million through numerous online exchanges, including Binance, Coinbase, and Coinmama.

Sources said that credit cards associated with bank accounts, which had traces of transactions in cryptocurrencies, were blocked by multiple banks. Moreover, the bank accounts of individuals who had been using Binance P2P to buy or sell cryptocurrencies were also frozen.

FIA is Freezing Credit Cards and Bank Accounts for Trading Cryptocurrencies

The Federal Investigation Agency (FIA) has seized bank accounts of 1,064 individuals based on a month-old request received through the Cyber Crime

propakistani.pk

This is the backwards mentality of Pakistani govt and law and order. Rather than regulating, they're trying to ban. This is all being challeneged in the courts.

 

[Goenitz]

I think majority of those pakistanis are money launder and smuggler.. Crypto is the easiest way to hide and trasfer money. Even Indian call scammers use crypto trading after looting a person to lose the bank trail.

 

[AZMwi]

President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has revealed that the Pakistanis possess cryptocurrencies roughly worth $20 billion.

During a press briefing, President FPCCI urged the government to develop a comprehensive regulatory framework so that digital assets such as cryptocurrencies could be cashed in Pakistan rather than in Dubai.

Although the issue of regulating digital currencies is a question mark in Pakistan for now, the country surprisingly ranks among the top 15 countries of the world for digital currency adoption as of July 2021.

According to Chainalysis, it is estimated that Pakistan received in excess of USD 1.5 billion in crypto-cash last year, with many analysts suggesting that it could have been a lot more in 2020-2021 had crypto transactions been made easier and legalized.

Last week, Federal Minister for Information and Broadcasting, Fawad Chaudhry, told media persons that Pakistan did not plan to legalize cryptocurrencies anytime soon.

He shared different reasons for not legalizing cryptocurrencies and remarked that digital currencies were too volatile at the moment and did not offer a clear picture of where they were headed in terms of value. However, he did acknowledge that the world would eventually need to evolve toward a unified digital payment system.

Pakistanis Own Crypto Assets Worth $20 Billion

President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has revealed that the Pakistanis possess cryptocurrencies roughly worth $20

propakistani.pk

================

I'm really pleased to know that so many Pakistani have taken a risk in Crypto and feel that the rest of us should learn from them. Maybe don't dive into crypto, but don't be afraid to take a risk on business or investment, esecially young people. Make your mistakes - even if you fail you will have you experiences to teach those younger than you.

crypto is being adopted all over the world. pakistan govt should legalise it. Australian govt has made it necessary for the crypto exchanges to share the financial data with them. last year Australian Taxation Organisation sent warnings to the crypto holders in Australia to pay taxes otherwise face action. Pakistan should learn from them.

 

[AZ1]

this may be just myth

 

[El Sidd]

pakistan govt should legalise it.

that's just a different way of saying its illegal.

doing a crime in hope of it being legalized in the future is a genius plan

this may be just myth

but many government officials have suggested these cryptocurrencies are most accessible way to launder money.

it's legal in KPK as far as my recollection of reading news and believing it goes

 

[Maula Jatt]

I think majority of those pakistanis are money launder and smuggler.. Crypto is the easiest way to hide and trasfer money. Even Indian call scammers use crypto trading after looting a person to lose the bank trail.

Pretty much and as it gains momentum/mainstreaming we'll see more of the black economy shifting to crypto
Personally I think this is just a start...

I don't think crypto is good news, all the criminal elements are just starting this thing
So we are at the tip of the iceberg - maybe stopping crypto rn is the way to go?

 

[Bilal Khan (Quwa)]

This is the backwards mentality of Pakistani govt and law and order. Rather than regulating, they're trying to ban. This is all being challeneged in the courts.

Plot-twist, the armed forces own $100+ bn in crypto (joking)

 

[Hakikat ve Hikmet]

Plot-twist, the armed forces own $100+ bn in crypto (joking)

I am pretty sure it's more than that, and probably in hard cold cash..

 

[ARMalik]

Well these idiots have bought "Dreams" which will unfortunately vanish in thin air soon, just like the "Tulip" craze in Netherlands vanished, and this will bankrupting thousands of these so called "Crypto Assets".

 

[AZMwi]

that's just a different way of saying its illegal.

doing a crime in hope of it being legalized in the future is a genius plan


but many government officials have suggested these cryptocurrencies are most accessible way to launder money.

it's legal in KPK as far as my recollection of reading news and believing it goes

its illegal in pakistan (except KPK) because of FATF. fawad chowdhry made it clear recently that Pakistan cannot legalise it because of FATF. Binance, one of the biggest exchange already working in pakistan. people can withdraw money through easy paisa, jazz cash etc. and the exchanges can be compelled by the govt to share the financial data. its already happening in many european countries.

 

[Maula Jatt]

its illegal in pakistan (except KPK) because of FATF. fawad chowdhry made it clear recently that Pakistan cannot legalise it because of FATF. Binance, one of the biggest exchange already working in pakistan. people can withdraw money through easy paisa, jazz cash etc. and the exchanges can be compelled by the govt to share the financial data. its already happening in many european countries.

Wait so only one province allows it? (Why is it that only one allows it while others don't)

Whole GDP of KPK is 23$ Billion
But when only one province that allows it have crypto assets in excess of $20B .

Man this whole thing is shady, I am suspecting strong links of underground/black economy here...
This is crazy more investigation can unearth some dark stuff about Pak and it's economy...

I always suspected something, where is the largest narco state Afghanistan "exporting" it's products from
Pak plus Iran but Iran is sanctioned
That leaves us

 

[AZMwi]

Wait so only one province allows it? (Why is it that only one allows it while others don't)

Whole GDP of KPK is 23$ Billion
But when only one province that allows it have crypto assets in excess of $20B .

Man this whole thing is shady, I am suspecting strong links of underground/black economy here...
This is crazy more investigation can unearth some dark stuff about Pak and it's economy...

I always suspected something, where is the largest narco state Afghanistan "exporting" it's products from
Pak plus Iran but Iran is sanctioned
That leaves us

i personally think $20b is a hugely exaggerated figure. The overall market cap of cryptocurrencies is $3.3 trillion worldwide.

 

[Maula Jatt]

i personally think $20b is a hugely exaggerated figure. The overall market cap of cryptocurrencies is $3.3 trillion worldwide.

@313ghazi wdy think bro
I don't doubt the figures because it's given by independent crypto houses, so they have no incentive in it
This whole thing is confusing if you think about it
My dot connection is black economy, underground economy with minority being genuine "investment"