Political Economy Of Pakistan And Cryptocurrency

Abstract

Cryptocurrency contests the basic hypothesis under which the existing financial organism rests: that currencies are dispensed by central administrations, and their stock is controlled by central banks. Share of Cryptocurrencies in political economy is increasing as these are gaining popularity.  Pakistan first cryptocurrency was named Pakcoin and it was launched in 2015. Officially government of Pakistan refused to recognize any kind of digital currency to make it the part its political economy. State Bank of Pakistan sought help from FIA and FBR to take legal action against international and local trade in cryptocurrencies. How Cryptocurrency works and other accessible cryptocurrencies the technology and ideas behind them is important to explore the ideas behind Cryptocurrency and its future in the political economy of Pakistan. The study contains somewhat of the researchers’ own study and understanding about Bitcoin and summaries of the articles composed from the published work of the prominent and well-informed professionals and writers and media on this subject. The features that make Digital Currency so innovative have also made it a bull's eye for financial watchdogs of Pakistan, who fear that the one-day cryptocurrency will help tax dodging and other financial crimes.