The crypto market has witnessed a stunning boom in Pakistan as people inthe country have started taking interest in the digital currency.
According to a report issued by Chainalysislink, the market ofcryptocurrencies grew by 711% in Pakistan in past 12 months, becoming oneof the strongest markets after the majority of European countries and inthe Middle East.
On the other hand, the market in India witnessed 641% growth in the past 12months. Besides, as per data provided by Chainalysis, in India, the amountof 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, financialinstitutions, and insurance and cybersecurity companies in over 60countries.
Last month, the Sindh High Court ordered the government to regulatecryptocurrencies within three months and form a high-level committee headedby the federal secretary of finance to look over the matter.
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The SHC was hearing a petition challenging the ban on cryptocurrencies, andthe proceedings were attended by members of the Federal InvestigationAgency, State Bank of Pakistan and the petitioners.
During the hearing, the high court also called for a report on the matterin three months.
The court stated that steps should be taken to regulate cryptocurrencies inconsultation with all stakeholders, including representatives of theSecurity and Exchange Commission of Pakistan, SBP, the Ministry of Law, andthe Ministry of IT.
