Pakistani local people's cryptocurrency assets reach 20 billion U.S. dollars, super central bank foreign exchange

According to Pakistan Observer, the largest English-language media in Pakistan, Nasir Hayat Magoon, chairman of the Pakistan Chamber of Commerce and Industry, stated at a recent press conference that the total value of cryptocurrency assets held by Pakistanis has reached 20 billion U.S. dollars, and this amount has exceeded Pakistan. The central bank’s foreign exchange reserves. In view of such a scale, he urged the government to introduce relevant policies to promote cryptocurrency transactions, citing India as an example.

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is an important communication bridge between the country’s private companies and the government, assisting the government in exporting, encouraging foreign investment and other economic activities and making effective recommendations. The above-mentioned assessment of US$20 billion in encrypted assets comes from the Federation’s research report.

In October of this year, Chainalysis, a well-known blockchain data analysis company, released the "2021 Global Cryptocurrency Adoption Index" report. Research shows that Pakistan's cryptocurrency market has grown by as much as 711% in the past 12 months; in addition, in Chainalysis Global Cryptocurrency In the ranking of the index, it is second only to Vietnam and India.

Chainalysis: Emerging regions have high cryptocurrency adoption rates

The Chainalysis Global Cryptocurrency Adoption Index analyzes the adoption status of a total of 154 regions. The index is mainly evaluated by three indicators, including: the value of cryptocurrency transactions on the chain, the value of retail transactions on the chain, and the transaction volume of peer-to-peer (P2P) exchanges.

Among them, P2P exchange transaction volume accounts for a considerable proportion of all cryptocurrency activities, especially for emerging markets in Central Asia, West Asia and the Americas. Because they lack a centralized trading platform, P2P exchanges are instead for local people to buy and sell cryptocurrency. The primary channel of currency.

After adding up the scores of the 154 regional adoption index, it can be observed that since the third quarter of 2019, the global adoption rate has increased by more than 2300%. At the end of the second quarter, the number was 24), which has increased by more than 881% since last year.

However, the reasons for the increase in adoption rates vary across regions. Last year, the growth in adoption rates in North America, Western Europe, and East Asia was mainly driven by institutional investment; emerging markets were mainly driven by retail investment, and these countries often faced the problem of substantial currency depreciation. Including remittances and other business transaction demand factors.