With the change in power in the United States, several nations have shown favoritism for cryptocurrencies; in a most recent development, it has been reported by a regional media outlet in Pakistan that Bilal Bin Saqib has been recruited to serve as the Chief advisor on the national crypto council.
It is worth noting that Pakistan, among all developing nations, uses cryptocurrencies considerably, especially in cross-border payments.
Is Pakistan planning to legalize crypto soon?
Earlier this week, a leading media outlet reported that the government of Pakistan is planning to set up a separate governmental agency for cryptocurrencies, and now, with the appointment of Saqib, it has become clear that the nation might recognize crypto soon.
Its neighboring nation, India, does not recognize cryptocurrencies but has been charging enormous taxes for the gains from digital assets. There are arguments that the country might soon change its stance over these products as the United States government continues its inclination towards Bitcoin and similar blockchain-based currencies.
Following the announcement of the strategic crypto reserve by the president of the U.S has fueled speculations in the broader digital asset market that a few other nations might recognize crypto as the U.S does.
The appointment of Saqib is seen as positive news for the Pakistan crypto market as he is one of the known angel investors, Web3 growth experts, and crypto advisor based in London, United Kingdom.
He has also contributed to establishing several welfare projects in Pakistan to help the people of his nation. Saqib reportedly holds investments in some leading NFT projects and has invested in several other blockchain-based products.
As per his LinkedIn account, he is a member of the board of advisors for Queen Mary University in London and a member of the National Youth Council of Pakistan. And founded SavePakistan(dot)crypto, including several other companies.
Is Pakistan’s crypto revenue less than India’s revenue?
According to the data from a renowned statistic specialist, the average revenue per user in Pakistan is expected to reach $59.5 by the end of 2025; at the same time, the per-user revenue in the Indian market is expected to reach $59.6 by 2025 end.
The revenue estimated for 2025 in India is $6.4 billion, and the Pakistani crypto market’s revenue is below $2 billion. It is worth noting that India has the highest number of crypto worldwide, followed by the United States and others.
When writing, the crypto market cap was below $3 trillion at $2.81 trillion; at the same time, Bitcoin was at $88,908 with a monthly decline of more than 12%.
Over the weeks, the market reflects mixed sentiments, with bears more active than bulls; Bitcoin is above 20 days exponential moving average but below 50, 100, and 200 days ema.
