Legalization of Cryptocurrency in Pakistan and its Impact to Economic Prosperity in Pakistan
Author: Dr. Imtiaz Ahmad Khan, H. Shah Jalal Ud Din, Samer Javed
Abstract
The idea of Cryptocurrency comes where financial emancipation meets technological revolution. This virtual asset provides a decentralized financial freedom landscape sans disturbing the operationalization of conventional financial system. Its transparency gives people complete control over their financial lives by facilitating safe, expeditious, and affordable transactions anywhere in the world. Its decentralized structure lacks a central bank or middlemen, encourages financial inclusion, autonomy, and innovation while establishing a new standard for international financial transactions to boost the commercial freedom and economic expansion resultant to have potential to boost the economic prosperity in countries like Pakistan. However, it has regulatory issues and market volatility that need to be addressed thoroughly. The consideration to legalize and regularize is coupled with challenges and a concern of danger associated with cyber-security risks. This consideration can be lessened with the right laws and precautions for the sake of economic prosperity in Pakistan. This research is culminated into four sections; the first one provides the conceptual framework of digital currency and its impact on the macro-economic stability; the second one provides the account of international regime on its regulation and the third one provides a hypothetical account of its impact realization on economic stability coupled with realization of risks for Pakistan. The last section resorts to conclusion that supports the argumentation of its legalization in Pakistan to ameliorate the economic stability and emancipation.
Keywords
Cryptocurrency, economic emancipation, challenges and opportunities, financial technology, decentralized finance, economic development
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