It’s no surprise that cryptocurrency is a huge boom in the nation. More so, the country has witnessed a significant boom in mining and trading in regards to cryptocurrency which includes interest proliferating due to thousands of transactions on online exchanges.
In addition, the federal government has set up a committee to oversee respective cryptocurrency regulations. This will include observers from the FATF, federal ministers, and heads of the country’s intelligence agencies.
In regards to this, a committee member Ali Farid Khwaja stated the following:
“Half the members had no clue what it was and didn’t even want to understand it. But the good thing is someone set up this committee. The relevant bodies in the government who need to get things done are supporting it, and the promising thing is nobody wants to stand in the way of technical innovation.”
Moreover, in an interview to CNN, when asked by the host about Central Bank Digital Currency (CBDC), the Governor replied that the central bank is studying it.
To further accelerate cryptocurrency in the country, universities are working on proper blockchain networks through grants of over a million USD. This will enable users to utilize the network and connect Bitcoin to apps.