Exploring Opportunities and Barriers for Cryptocurrency in Pakistan (A Stakeholder Perspective)
Abstract
This study explores the cryptocurrency opportunities & barriers in the context of Pakistani region. With the passage of time cryptocurrency is getting popular day by day. Different countries accept this digital technology. While in the case of Pakistan, this technology is still not legalized. There are some opportunities, and some barriers to this technology in Pakistan. This study focused on different opportunities which attract investors and affect the Pakistan economy, and different barriers which is faced by Pakistani investors while using this currency. A qualitative approach was used by employing a convenience sampling technique through eleven different open ended (semi-structured) interviews comprising of investors, trading firms and state Bank of Pakistan to explore opportunities and barriers of cryptocurrency in Pakistan. Open ended (semi-structured) interviews were conducted from different investors. The results show the different variables of cryptocurrency which is based on demand and supply. Research is based on Block chain technology, while different variables are extracted from opportunities which are profitability, transferability, decentralized technology, stable economy, and tax benefits. Along with that different barrier factors are discussed including lawlessness of cryptocurrency in Pakistan and the restrictions by the government of Pakistan. The results imply that the profitability, secure technology and economy development are the opportunities of cryptocurrency. While few barriers of this technology like no support by government. Government can play vital role in reducing the barriers. This study contributes to the existing research studies to consolidate the different results of this research study. This study contributes to different cryptocurrency investors to know about the different opportunities as well as different barriers of this technology in the Pakistani context.
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