Crypto adoption locomotives are moving fast: according to the latest valuation by The Federation of Pakistan Chambers of Commerce and Industry, the amount of cryptocurrency possessed by Pakistanis stood at around $20 billion. The country has recently been ranked third in the Chainalysis Global Crypto Adoption Index, behind Vietnam and India. The federation president Nasir Hayat Magoon claimed on Wednesday that the government should introduce a new crypto-specific framework, as India has already launched some rules in this regard.
After ongoing heated discussions about a severe ban for all cryptocurrencies in India and an expected move from the policy makers to soften the anti-crypto stance, Cryptocurrency and Regulation of Official Digital Currency Bill is set to be introduced by the Indian government in its winter session. It is claimed that it would only ban private cryptocurrencies, while creating “a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)”.
In Turkey, people also turn to crypto as a safe haven amid ongoing inflation. As the Turkish lira has slumped 40% against the US dollar amid interest rate cuts, daily crypto trading in the country surged to a million transactions.
Photo by Roger Brown