"Cryptocurrency is such a powerful concept that it can almost overturn governments." - Charles Lee, Creator of Litecoin
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Hello Inleo Community!!
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☘️☘️Welcome to my blog Everyone.☘️☘️
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Cryptocurrency is a global phenomena but adoption of cryptocurrency in Pakistan is in early stage. Pakistan is fifth most populous country of the world. Pakistan face economic instability and corrupt in various departments. Various corrupt elements are hindering the way of legalization of cryptocurrency in Pakistan. Cryptocurrency has potential of ground breaking opportunities of economic growth and financial stability in the state.
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Benefits Of Cryptocurrency To Pakistan :
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The adoption of cryptocurrency would benefit Pakistan in following ways 👇:
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Financial Sovereignty :
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Pakistan face terrible challenges and economic unrest because of financal instability. Finance is controlled by SBP (State Bank Of Pakistan) and NBP (National Bank of Pakistan). Individual doesn't have sovereignty to their finance. Adoption of cryptocurrency make individual the sovereign power. It will reduced control of decentralized bodies and institution over the wealth of nation.
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Transparent Governance :
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The adoption of cryptocurrency will record monetary transaction in government department and businesses. That's the governance would be more transparent and accountable. Tracking corruption would be easy net to crack for the accountability department. Setting up regulatory system of cryptocurrency would create employment opportunities in the country. Simply it's a transparent tool to drive money in the state.
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Instant Transaction :
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Pakistan receive certain amount of remittance from overseas Pakistanis. The transaction through banks doesn't occur immediately. Also bank charge certain transaction fee. The adoption of Cryptocurrency will facilitate instant transfer of assets with low transaction fee.
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Financial Inclusion :
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Financial institution (Banks) aren't accessible by individual in some parts of the country. That cause economic unrest among mess. With the adoption of crypto currency everyone will have access and authority over their financial assets.
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International Trade :
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Cryptocurrency is the most popular form of money. The adoption of crypto currency, instant transaction with low transaction fee would boast Pakistan's trade beyond boundaries of the state. Pakistani business men will enriched with opportunities of growth and progress.
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Preclude Remarks :
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Cryptocurrency has great potential to revolutionize the economic system of Pakistan. But it is also challenging because of threat of misuse of Blockchain for illegal activities, scams and cybercrime. The regulation of digital institution and stabilization is also a challenge.
That's all for today's blog....
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