The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to take steps towards the regulation and streamlining of cryptocurrencies within the country.
This recommendation was presented by Mohammad Younus Dagha, former Federal Secretary and Chairman of the FPCCI Policy Advisory Board, during the launch of research-based publications on Wednesday, which was inaugurated by Sindh Governor Imran Ismail.
Dagha highlighted key insights from the FPCCI studies, emphasizing the need for integration between the real economy and formal lending institutions. He noted that the current policy rates are ineffective in managing demand-pull inflation due to this lack of connection.
Addressing the burgeoning cryptocurrency market, Dagha revealed that Pakistani investments in virtual assets have soared to approximately $20 billion, with many citizens opting to invest in more conducive environments abroad. He stressed the importance of regulatory frameworks that would allow these digital assets to be harnessed effectively for the country’s economic benefit.
The discussion also touched upon the issues of cross-subsidization within the energy sector. Dagha underscored that such practices should not be maintained at the expense of the industrial and commercial sectors, suggesting a more equitable approach to energy tariffs that would support economic growth.
Mian Nasser Hyatt Maggo, President of the FPCCI, expressed his gratitude to Governor Ismail for offering the platform of the governor’s house for the publication launch. He noted that these research-driven publications aim to provide actionable solutions to Pakistan’s economic challenges, specifically in monetary policy, energy sector tariff anomalies, and the potential of cryptocurrencies.
Maggo reflected on his vision since taking office in 2021 to establish a professional economic research cell, which he has pursued with dedication despite various obstacles. He also thanked Dagha for his leadership and oversight in the Policy Advisory Board’s efforts.
In his remarks, Governor Ismail commended the thorough research efforts that culminated in the publications. He acknowledged the necessity for more indigenous studies to address Pakistan’s unique economic challenges and expressed a willingness to facilitate a meeting between the Policy Advisory Board and Prime Minister Imran Khan. He committed to fostering ongoing dialogue between the government and the private sector to bridge existing gaps.
Ather Sultan Chawla, Vice President of FPCCI, thanked board members for their voluntary contributions and highlighted the Governor’s compassionate approach to the province’s economic issues, which has resonated positively with the business community.
