Tariq Abbasi
Cryptocurrency is one of the gift of modern technology. It has been a hope of array for the underprivileged class of society to break out of the continuous cycle of poverty into financial freedom. The list of benefits it offers are countless such as:
- No hold of big corporations and banks on the monetary assets of common man
- Confidential, offering privacy to consumers which is basic human right
- Instant transactions requiring no new technological infrastructure
- Cheaper to use compared to hefty fees applied by banks in traditional currencies
- Ability to trade worldwide without dependency on international gateways such as Paypal & Stripe etc
- Diversity and reach to those who aren't included in traditional banking sector
- Decentralized economy which prevents a few people getting rich at cost of many
- Counter Identity Theft, the system is secure and public so no one can temper with it
- Oppurtunity for investment
- Easy adoptibility
The list can go on and on, but most important aspect is the continuous rise of the worth of common crypto coin. Anyone who owned a few bitcoins in 2010 @ few dollars cost is now worth in millions. This is a game changer for many and we have seen many billionares popup in developed countries from middle class in past few years.
Countries such as US & European countries have now realized the importance of crypto currencies and are legislating to move there fiat currency into the crypto world.
Recently, Tesla invested $1.5 billion into bitcoin. JP Morgan and other financial institutes are actively exploring possible oppurtunities to move there assets into cryptocurriences.
Now to come to the point, we as Pakistanies have a very frustating experience because of not being able to tap into this rising financial oppurtunity. First, we are completely cut off from international trade at consumer level due to not being able to process payments from international customers.
While growth within the country is hard to impossible. On top of all of this, raising inflation, growing unepmployment and no solid plan for country in forseeable future is all very depressing.
Consistent reluctant by the government to legalize cryptocurrency doesn't make any sense.
Our political and establisment positions are mostly occupied by people who don't know ABC of technology and that's why even in presence of immense technical capibilities in our youth, the government has failed to utilize it in any meaningful way.
We therefore strongly demand from the government and concerned authorities to stop the continuous policy of banning everything that's above there understanding and put in action a task force of highly skilled engineers and digital enterprenurs for leading a path to full legalization of cryptocurrencies.
