FPCCI suggests regulating cryptocurrencies in Pakistan

FPCCI suggests regulating cryptocurrencies in Pakistan

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has suggested the authorities to regulate and streamline cryptocurrencies in the country.

Mohammad Younus Dagha, former Federal Secretary and chairman of Policy Advisory Board of FPCCI said this at the launching of research based publications of the FPCCI on Wednesday. Sindh Governor Imran Ismail launched the publications.

Mohammad Younus Dagha apprised the audience with the key highlights of the studies. He added that due to the lack of integration of the real sector with the formal lending institutions, policy rates appear redundant in containing demand-pull inflation.

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In the context of cryptocurrencies, the Chairman further contended that Pakistani authorities should regulate and streamline these virtual assets for which the value for investment by Pakistanis has reached $20 billion before it lands in other more convenient countries.

Regarding the prevailing cross-subsidization in the energy sector, the key takeaway was to avoid cross-subsidization at the cost of industrial and commercial sectors.

Mian Nasser Hyatt Maggo, President FPCCI, has thanked the Governor of Sindh, Mr. Imran Ismail, for providing the august platform of the governor’s house for the launch of research-based and data-driven publications that provide pragmatic solutions for Pakistan’s economic woes in the spheres of monetary policy, anomalies in power-sector tariffs and potential of cryptocurrencies.

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FPCCI President recalled that it was his vision from the very first day that he assumed the charge of FPCCI’s presidency for the year 2021 to establish a professionally-managed economic research cell for which he worked hard towards it whole-heartedly despite all the impediments and divergent opinions. Mr Maggo extended his heartiest gratitude to the Chairman Policy Advisory Board Mohammad Younus Dagha for rendering his services and supervision of the Policy Advisory Board of FPCCI.

Imran Ismail, honorable Governor of Sindh, appreciated the meticulous efforts and enormous energies that have gone into the publications and was forthcoming in accepting that the government needs more such indigenous research studies into finding the solutions to Pakistan’s peculiar economic issues. He also expressed his interest to arrange a meeting of the Policy Advisory Board with PM Imran Khan and ensured his continuous engagement with the federation in bridging the gap between government and private sector.

Ather Sultan Chawla, VP FPCCI, thanked the board members for their pro bono services to the federation. He added that Governor Sindh has won the hearts and minds of the business community through his compassionate approach towards the economic issues of the province.

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