Pakistan has seen a boom in commercial and mining cryptocurrencies, with growing interest in thousands of related videos on social media and online exchanges.
Although cryptocurrency is not illegal in Pakistan, the global money laundering watchdog, the Financial Action Task Force (FATF), has called on the government to improve the industry. Pakistan monitors countries on the FATF's gray list for failing to curb terrorist financing and money laundering.
Ali Farid Khawaja, partner of Oxford Frontier Capital and chairman of KASB Securities, chairman of Stock Brokerage in Karachi, said: "Half of the members did not know what it was and did not want to understand it. ۔ "
"But the good thing is that someone set up this committee. Relevant institutions in government that need to work are supporting it, and the promise is that no one wants to stand in the way of technological innovation.
The head of the country's central bank, Raza Baqir, said in April that the authority was studying cryptocurrencies and examining their ability to bring book transactions into a regulatory framework.
"We hope to be able to make some announcements in the coming months," he told CNN. Baqir declined to comment to Reuters on the matter.
Even the education sector has gained momentum.
In February, Lahore University of Management Sciences, a leading university in the country, received a 4. 1.4 million grant from Stakes to study technology, a blockchain network that connects bitcoin to apps and smart contracts.
Legal status and investment
The move will soon be welcomed by supporters of cryptocurrency. Can't come
Institutions have at times mistreated those involved in the cryptocurrency trade, who are concerned about possible links to money laundering.
Ahmed said he had been arrested by the Federal Investigation Agency (FIA) and had twice been charged with money laundering and electronic fraud, although the charge was not upheld in court.
On one occasion, he said, the FIA seized a cryptocurrency mining farm in Shangla in the northern province of Khyber Pakhtunkhwa (KP), which runs on hydropower itself. The FIA did not respond to a request for comment.
Former TV host Waqar Zaka, who has more than a million followers on YouTube, has been lobbying officials for years to not only legalize the industry, but for the government to invest in it.
Zaka, like Ahmed, had set up a cryptocurrency mining farm running on hydroelectric power.
Read more: British police seize record $ 408 million cryptocurrency
Now, the KP provincial government has tapped Zaka and Ahmed to join the committee, which will consider how it can benefit from such projects. In March, the group announced that it was considering setting up new mining farms using the Zaka facility as a model.
Despite the challenges, Pakistan's corrupt boom is showing no signs of stopping.
Social media groups based in Pakistan are explaining how trade and mine cryptocurrency is so high, some have tens of thousands of followers on Facebook. On YouTube, cryptocurrency videos in Urdu have been viewed hundreds of thousands of times.
Online cryptocurrency exchanges, mostly outside Pakistan, like local bitcoin.com, are on the list of hundreds of Pakistani merchants, with thousands of transactions.
According to a web analytics company, similar to the web, apps like Binance and Benomo, which track and trade cryptocurrencies, download far more than the app of the country's largest banks.
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