Adviser to Chief Minister Khyber Pakhtunkhwa on Information Technology Ziaullah Bangash has said that the government has decided to set up two cryptocurrencies (bitcoin mining) plants and also issued NOCs to private entrepreneurs for making a digital currency.
According to the details, while talking to media, he said that the government has approved funds for creating a digital currency.
He said that a bill has also been passed in the Khyber Pakhtunkhwa Assembly in this regard.
He said that the government feels that Pakistan should not lag behind in the field of digital currency mining.
He added that there are currently 11 million bitcoins in circulation around the world, with a daily increase of 90%.
Ziaullah Bangash said that the United States is number one in this business followed by Nigeria, China, Canada, United Kingdom and India.
He said that the first step has been taken by the KP government and other provinces would follow suit.
He said that since December 16, 2020, its price has increased by $13,000.
It may be recalled that while hearing a petition regarding corrupt currency in the Sindh High Court last month, the State Bank of Pakistan had clarified that it also did not declare it illegal.
It should be noted that the price of the world’s most famous cryptocurrency bitcoin has crossed the $25,000 marks for the first time and has also set a record of reaching $28,000.
In the last days of last year, on December 27, it had crossed the 28,000 limits, but on December 28, it dropped slightly to between 26 26,000 and 27 27,000.
Earlier on December 17, the bitcoin had crossed the 20,000 marks.
Bitcoin has increased the interest of investors who are buying it for possible immediate profits.
Investors are investing in bitcoins and other cryptocurrencies during the COVID-19 Pandemic.
Such fluctuations in bitcoin prices are not new, as seen in 2017, but analysts say prices are more likely to remain stable this time around than in the past.
They said that this corrupt currency was being bought by more investors at the company level.
They said that investors are also interested in cryptocurrency because they see more opportunities in this sector in the future.
The value of the currency rose more than 900 per cent in 2017 to close to $20,000, but financial experts warned that the price could fall sharply.
Then it happened and in February 2018 the price went below 7,000.