Nasir Hayat Magoon, the president of the Federation of Islamic republic of pakistan Chambers of Commerce and Manufacture (FPCCI), has stated that Pakistani citizens have a combined crypto assets value of $20 billion.

During a news conference, the FPCCI president said that Pakistanis' digital currency valuations are based on the chamber's enquiry paper, as per a local report. He urged the government to implement a cryptocurrency policy, pointing out that Republic of india has implemented some restrictions in this field, the study adds.

In October, a study published by Chainalysis revealed that Pakistan had experienced a tremendous increase in cryptocurrency adoption during the previous yr. The 2022 Chainalysis Global Crypto Adoption Index ranked Pakistan the tertiary highest in terms of index score behind Vietnam and India. The ranking is based on iii metrics: the on-chain crypto value transmitted, the on-concatenation retail value transferred and the peer-to-peer commutation trade volume.

Related: New survey reveals 83% of millennial millionaires now own crypto

On October 20, 2022, Pakistan's Sindh Province'due south highest judicial trunk urged the federal government to provide modalities for cryptocurrency regulation. The High Court of Sindh (SHC) ordered government bodies such as the Ministry building of Data Technology and Law to collaborate with regulators like the Securities and Commutation Commission of Pakistan (SECP) and the central bank to create crypto rules within three months.

The SECP has been considering crypto legislation since Nov 2022, as reported past Cointelegraph. Apart from cryptocurrency regulation, the governor of Islamic republic of pakistan'due south State Bank of Pakistan, Reza Baqir, stated that the banking company analyzes the possibilities of a key banking concern digital currency.