Is Bitcoin the future for Pakistan?

NORTHAMPTON: Financial innovation in payment systems has led to the development of innovative payment systems and digital currencies. Easypaisa launched in 2009 has become Pakistan’s largest mobile banking service with a vast network of 70,000 merchants located across the country. Worldwide digital currencies have gathered a lot of attention, especially since the birth of Bitcoin.

The amount of importance attached to virtual currencies can be judged from the fact that in a recent conference organised at the Bank of England, IMF Chief Christine Lagarde shared a rosy vision of the future of crypto currencies.

“It may not be wise to dismiss virtual currencies,” she said, adding, “instead; citizens may one day prefer digital currencies.” Bitcoin has followed an exponential growth since 2017 and has recently touched highs with its value climbing above $7,000, up 600% this year. This came after news that a major exchange operator, CME, will launch Bitcoin futures, which has buttressed the notion that Wall Street is taking the crypto currency seriously.