ISLAMABAD
Director of the Pakistan Stock Exchange Limited (PSX) Ahmed Chinoy Tuesday revealed that ‘Digital Currencies’ are gaining traction globally, with Pakistan’s younger generation at the forefront of this trend as an acceptable form of payment in many countries, including the UAE and the US.
“Countries like the UAE and the US have already started embracing digital currencies and we are seeing a significant surge in popularity among youngsters in Pakistan,” he said while conversation with a private news channel. Chinoy attributed the growing popularity of digital currencies to increasing awareness and education among the younger generation.
“Youngsters are more tech-savvy and open to innovation, which makes them more receptive to the idea of digital currencies,” he said.When asked about the future of digital currencies in Pakistan, Chinoy said the PSX was exploring ways to provide a platform for digital currency trading.
“We want to provide a safe and regulated environment for investors to operate in,” he said.
The growing interest in digital currencies in Pakistan has also raised concerns about the potential risks involved. However, he said the PSX was working to address these concerns and ensure that investors were protected. “We are working closely with regulators and other stakeholders to develop a framework for digital currency trading in Pakistan,” he said.
“We want to make sure that investors have a safe and secure environment to invest in digital currencies,” he added. The PSX’s move to provide a platform for digital currency trading is expected to give a boost to the country’s fintech industry. It is also expected to attract foreign investment and create new opportunities for Pakistani investors.
Responding to a query, Ahmed Chinoy revealed that approximately 6.2% of the world’s population is currently using digital currencies, with the UAE emerging as a leader in this space, where a significant 24% of the population is utilizing this form of currency. To another question, Ahmed Chinoy clarified that currently, the use of digital currencies is not legally recognized in Pakistan and as per the existing rules and regulations, their use is not permitted.
However, he noted that despite this, many Pakistanis are utilizing digital currencies through unofficial channels, often for overseas transactions, online purchases and investments, highlighting the need for regulatory clarity and framework to govern the use of digital currencies in the country.
To another question, Ahmed Chinoy stated that digital currency has emerged as an acceptable form of payment globally, with many countries and businesses now recognizing and accepting it as a legitimate mode of transaction.
