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The whole world is turning to electronic currency instead of traditional currency but sadly the government has so far failed to formulate a clear policy regarding cryptocurrency in Pakistan.
Leading social media activist in Pakistan Waqar Zaka is engaged in a legal battle in the courts to legalize cryptocurrency in the country. However, people still do not see the future of cryptocurrency in Pakistan, especially bitcoin.
Cryptocurrency
Bitcoin is considered a cryptocurrency, meaning that it is primarily a matter of privacy. It is also considered to be the only currency of its kind, but in fact, there are at least 60 such cryptocurrencies on the Internet, six of which are genuine since Bitcoin is an open-source currency. A new currency can be created by reforming, so all the existing cryptocurrencies work just like the bitcoin.
What is a bitcoin?
Bitcoin was started by Satoshi Nakamoto in 2009. The currency calculation process is based on the logarithm for which the computer is connected to the Internet and the processor of the computer is used. The more powerful the computer’s processor, the more Soon that calculation solves the logarithm question and makes a bitcoin.
No person or bank has any say in earning or obtaining bitcoin. It’s completely free, We can also make it ourselves with the help of our computer. Bitcoin currency can be compared with other current currencies like the dollar and euro, but there is some difference between current currencies and bitcoin.
Difference between bitcoin and other currencies
Bitcoin currency can be compared to other current currencies like the dollar and euro but there is some difference between current currency and bitcoin. The most important difference is that bitcoin is a completely digital currency that exists only on the Internet, externally it has no physical existence.
Similarly, there is no powerful central institution behind the bitcoin currency, such as the central bank, and no government has so far declared it a legitimate currency, which is why the US Treasury Department has declared it a decentralized currency because only one person can transfer directly to another person, no bank or government agency is required. However, Bitcoin can be used through the Internet just like any other currency.
Bitcoin exchange
It is reported that some of the world’s major exchanges that buy and sell bitcoins typically charge a 1.5% fee on bitcoin transactions provided the transaction is through a bank account.
The fee is 4% if the transaction is done through a credit card. Some companies are proposing automated crypto trading solutions to help consumers manage money 24 hours a day, seven days a week.
State Bank of Pakistan
According to media reports, the State Bank of Pakistan in an official letter issued earlier this month has instructed the public to avoid all types of corrupt currencies, including bitcoin. The letter also said that anyone sending money out of Pakistan through these currencies, ie coins and tokens, would be interrogated in accordance with the country’s laws.
Future of bitcoin
Analysts at Goldman Sachs, a leading financial institution and investment banking company, have claimed that in a research note sent to consumers, Goldman Sachs observers said that with each passing day, corrupt currencies and digital assets While increasing their value, investors are also increasingly showing interest in such assets, so in modern times, bitcoin can replace gold.
Bitcoin in Pakistan
Leading Pakistani social media activist Waqar Zaka says that Pakistanis who invest in cryptocurrency, whether they are in the country or overseas, invest their money in crypto exchange in dollars but it does not benefit Pakistan. Because there is no exchange of corrupt currency in Pakistan, the people have to suffer and the valuable foreign exchange of the country goes to foreign companies.
On the contrary, Waqar Zaka wants to set up a corrupt exchange in Pakistan that is registered with the SBP and SECP, under which Pakistanis can invest directly, but also the Pakistani economy by investing in dollars from around the world. Can be supported.
According to Waqar Zaka, instead of closing down the exchanges that facilitate corruption in Pakistan, if they are made permanent, they can happily provide facilities in Pakistan, and President Tayyip Erdogan of Turkey, a long time friend of Pakistan, has recently experimented. Which was successful.
Our priorities
The Pakistan Tehreek-e-Insaf (PTI) government has been striving for digital reforms and job creation in the country. There is no need to go out anywhere but even women and illiterate people sitting at home can do this easily.
There is a need for the government to secure the future of the corrupt currency in the country so that heavy foreign exchange can be invested in Pakistan’s economy instead of being given to foreign exchange companies.
The government should keep in mind that if there is an obstacle in creating a corrupt exchange in Pakistan, then Waqar Zaka can create an exchange in any country of the world, but it will not be of any benefit to the government of Pakistan.
