Crypto currency market witness stunning boom of 711% in Pakistan in last one year

Shares
Crypto currency market witness stunning boom of 711% in Pakistan in last one year

The crypto market has witnessed a stunning boom in Pakistan as people in the country have started taking interest in the digital currency.

According to a report issued by Chainalysis link, the market of cryptocurrencies grew by 711% in Pakistan in past 12 months, becoming one of the strongest markets after the majority of European countries and in the Middle East.

On the other hand, the market in India witnessed 641% growth in the past 12 months. Besides, as per data provided by Chainalysis, in India, the amount of venture investments in the crypto sphere has also witnessed growth.

The report also names Vietnam as a country with fast crypto adoption.

Chainalysis is the blockchain data platform that provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries.

Last month, the Sindh High Court ordered the government to regulate cryptocurrencies within three months and form a high-level committee headed by the federal secretary of finance to look over the matter.

The SHC was hearing a petition challenging the ban on cryptocurrencies, and the proceedings were attended by members of the Federal Investigation Agency, State Bank of Pakistan and the petitioners.

During the hearing, the high court also called for a report on the matter in three months.

The court stated that steps should be taken to regulate cryptocurrencies in consultation with all stakeholders, including representatives of the Security and Exchange Commission of Pakistan, SBP, the Ministry of Law, and the Ministry of IT.