Clear Cryptocurrency Policies a Must for Boosting Pakistan’s Economy
HYDERABAD: Muhammad Saleem Memon, President of the Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), has voiced strong support for the government’s embrace of cryptocurrency and blockchain technology, hailing them as potential catalysts for Pakistan’s economic advancement. In a statement released on Saturday, Memon lauded the appointment of Bilal Bin Saqib as Chief Advisor to the Finance Minister for the Pakistan Crypto Council, seeing it as a crucial step towards integrating a digital economy.
Memon emphasized the critical need for Pakistan to adopt modern technology to reshape its business environment. He noted the increasing global acceptance of cryptocurrency, citing regulatory efforts in countries like the UAE, Singapore, Japan, and the US as examples of how digital assets can stimulate economic growth. He highlighted El Salvador’s decision to grant Bitcoin legal status, which has led to economic improvements, as a significant precedent.
He further pointed out that Pakistan ranked third globally in cryptocurrency adoption in 2021, recording $20 billion in crypto transactions during that year. Memon underscored the potential of a well-regulated framework to attract billions in foreign reserves, improve transparency, and streamline the remittances process significantly. He added that blockchain technology could reduce corruption and establish a secure payment system, contributing to economic stability and growth.
Memon urged the government to formulate clear regulations, calling on both the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) to develop a secure and legally sound framework for cryptocurrency operations in the country. This proactive approach, he believes, is essential to harness the full economic benefits of this emerging technology.
