Pakistanis latch on to the cryptocurrency bandwagon

Gulf Today Report

Reality has taken a new form: virtual. Thanks to the coronavirus, everything that we do these days has gone virtual, digital or online. Video calls have spiralled all over the world; consultations with doctors are taking place online; students interact with teachers via their computers. In short, remote networking is the name of the game.

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There is something else, which has taken the world of financial transactions to a whole new level. If there is one thing now that is a hot-button topic, it is cryptocurrency, or digital currency. As the name suggests, it is not physical. Banks and governments do not shore it up, nor is it legal tender in many countries. By the way, it has extremely high value: one bitcoin is worth over Dhs100,000, at least.

Which probably accounts why many, in the race to make a buck faster than it takes Lewis Hamilton to complete a lap, are latching on to this bandwagon. And that includes Pakistan.

The odd thing is that many have no idea about what it is, but just want to pile on. After all, in coronavirus times where most of the people are hard up for cash, who does not want to make wealth in a jiffy?

People from all walks of life are zooming in on the boom, all eager beavers wanting to make some extra money on the side. They have no idea of stock markets but want to make the most of this currency which is gaining currency.

Cryptocurrency is not unlawful in Pakistan. But, with the country under a cloud in the West over its drive to curb money laundering, the Financal Action Task Force has urged the government to regulate the industry.

There are umpteen social media groups explaining how to trade in bitcoins.

There is even a cryptocurrency mining farm in Khyber Pakhtunkhwa.

 Even the education sector has cottoned on to the craze. In February, the Lahore University of Management Sciences, received a grant worth over $4 million to examine a technology that links bitcoins to apps and smart contracts.