Amidst Pakistan’s recently concluded national election, the country’s economy has been the subject of a lot of debate all across the world. As things stand, Imran Khan, a former Cricketer, is all set to become the nation’s Prime Minister which has caused an air of financial uncertainty to engulf the whole of Pakistan.
Pakistan’s Cryptocurrency Scene is Gaining Traction
Even though the Central Bank of Pakistan had earlier released a statement saying that the country would not be promoting the trade of cryptocurrencies, recent reports released by Forbes and other respected media outlets seem to indicate that BTC buying/selling has been growing steadily within Pakistan in recent months.
To be even more specific, it is being reported that cities such as Lahore, Islamabad, Karachi, and Rawalpindi have become major hubs for alt-currency trade, especially Bitcoin.
This sudden increase in crypto use is being partially attributed to the fact that it is extremely difficult for the common man in Pakistan to gain access to USD and other major international currencies. As a result of this, many people have turned towards crypto assets to facilitate seamless cross-border financial transactions.
More on the Matter
As mentioned earlier, Imran Khan is all set to become the country’s latest Prime Minister after beating out perennial PM candidate Nawaz Sharif.
Khan is a representative of the Tehreek-e-Insaf (PTI) political party and in the past has discussed plans to reinvigorate his nation’s economy by introducing newer, more forward-looking financial schemes. And while his exact economic policies still remain unclear at this time, he did add that he would be open to new ideas and governance models moving forward.
For years now, Pakistan has been crushed under the weight of excessive militant and army activity which has caused the country’s economy to slide quite substantially. Khan being an alumnus of various prestigious institutions such as Oxford promises to bring an international outlook to an otherwise orthodox society.
With that being said, only time will tell whether Khan will be able to usher in a new era of change that his country so desperately needs right now.
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