ISLAMABAD: Ghulam Ahmed, 38, takes time out of his cryptocurrency consulting business once a week to log into a WhatsApp group with thousands of people who are eager to learn how to mine and sell cryptocurrencies in Pakistan. Ghulam Ahmed is a cryptocurrency consultant who works from home.
Many people, ranging from housewives searching for a side income to affluent investors looking to purchase cryptomining hardware, are unfamiliar with traditional stock markets but are ready to cash in on the opportunity.
In 2014, Ahmed, 38, abandoned his job to pursue Bitcoin mining because he believed it would be more profitable. He spent hours answering inquiries and educating people the fundamentals of bitcoin, he explained.
Pakistan has experienced a resurgence in cryptocurrency trading and mining, with millions of views of relevant videos and pictures on social media and transactions on online exchanges demonstrating the growing popularity of the practice.
While cryptocurrency is not banned in Pakistan, the Financial Action Task Force (FATF), a global money laundering watchdog, has called on the government to improve regulation of the industry in order to combat money laundering. Pakistan is included on the FATF’s grey list of countries that are being monitored for their failure to combat terrorist financing and money laundering activities.
As a result, the federal government has established a group to explore cryptocurrency legislation, which includes observers from the Financial Action Task Force (FATF), federal ministers, and the chiefs of the country’s intelligence organizations.
According to committee chair Ali Farid Khwaja, an associate at Oxford Frontier Capital and head of KASB Securities, a stock brokerage in Karachi, “Half the members had no idea what it was and didn’t even want to comprehend it.” “However, the good news is that this committee was established. This initiative has the support of the relevant government bodies that must get things done, and the encouraging thing is that no one wants to stand in the way of technological innovation.”
Earlier this year, Reza Baqir, the governor of the country’s central bank, stated that the authority was looking into cryptocurrencies and their potential to bring transactions that were taking place off the books into a regulatory framework.
CNN quoted him as saying, “We are hoping to be able to make an announcement on that in the coming months.” Baqir did not respond to a request for comment from Reuters on the matter.
In fact, the education sector has caught on to the trend.
In February, the Lahore University of Management Sciences, one of the country’s finest universities, was awarded a $4.1 million grant to research the technology behind Stacks, a blockchain network that connects Bitcoin to apps and smart contracts.