The main reason for the closure of cryptocurrency in Pakistan is that the government thinks that the people will buy dollars by paying rupee, which will lead to money laundering. But according to a report published a few days ago, the Pakistani people own 20 20 billion worth of cryptocurrency, meaning the problem is there. The main reason for this is just looking at big corrupt exchanges like “Bainans”. This means that despite the government’s ban, the people are still buying corruption, so why not find a solution that benefits the country’s economy.
Corrupt currency is the reality of this age. The time to come is for “Metavers” and “Web 3”. The significance of this can be gauged from the fact that the world’s largest social media company, Facebook, had to change its name to “Meta” in order to prove itself modern.
The question is, what is a meteor? In 2009, the Hollywood movie “Surrogates” was released. The film depicts each person lying on a special type of computerized chair in their home or in a particular lab wearing special glasses and living a virtual life. The characters found in the imaginary world are actually robots in the form of those who are roaming outside the society, which they are completely controlling with their brains. If any of them get into a fight, the one who dies is a robot, the real man is lying on a computerized chair in the house.
Have you ever thought that you are in Pakistan and talking on video with a friend sitting in the US and I wish that both of them could come face to face with each other and talk regularly inside a house or in a hotel etc. This may seem like an impossible task, but to make it possible, the age of the Internet has come “Web 3” and “Metavers”.
With the help of Metavers, you can choose your favorite city, building, etc. from the comfort of your own home with the help of special devices like “VR glasses” and go into the world of computer, where you can find your equivalent “Avatar”. Will be present Now the building you are standing in can be your own and you can rent it. In Web3, people will have digital property that they will sell or rent out. That’s why, as soon as Mark Zuckerberg announced Metavers, stocks of crypto projects that make digital equipment went up. You may have heard the name “NFT” these days. This is actually the name of digital art. That is, a collection of pictures, which people will be able to take digital property home building, etc. and put it on the walls.
The money used in this web 3 internet world is cryptocurrency. A cryptocurrency is actually a digital currency in which you put money and it stores the value of your money. As the market fluctuates, its value fluctuates, but since it was first bought by individuals, then by institutions, then by businesses, then it is time for countries to buy cryptocurrencies. Its value is increasing year by year and its future is secure.
When the bitcoin came, all the countries of the world opposed it and imposed sanctions on it. But Hong Kong has shown foresight by introducing its own cryptocurrency, the USDT, which is worth a dollar. The way it works is that whenever someone buys a USDT, the company buys the same amount of dollars and puts it in the account. That way, the value of the coin and the dollar would be the same. That is why it is called balanced coin. Thus, Hong Kong, instead of being the enemy of the corrupt, became its partner. Today every cryptocurrency from bitcoin is bought and sold in USDT.
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I urge the government to recognize the cryptocurrency and take advantage of it. It will change the face of your economy in ten years. Pakistan should introduce its own USDT-style cryptocurrency. Name it “PKRT” and keep its value equal to one rupee. Allow him to buy and sell corrupt currency in the country. Make it easy for banks to exchange it. There is a difference of 10 rupees between USDT and dollar price. If you make this difference 50%, people will recognize this coin. We have to list it on different exchanges and it may take a few years but at least we will get involved in the race. No matter the first prize, we will win something and believe me it will fix our situation in no time.
In addition, we should introduce our historical and tourist sites on Metavers. We should also issue our NFT. Not only will this enhance our image and our culture, but with a single effort we can earn dollars for a long time.
There are many corrupt traders and “blockchain developers” in Pakistan who can help the government. It will be an honor for them to become the founders of cryptocurrency in the country. But it’s just a matter of waking up the government, acknowledging the reality. The government should put them all together, formulate a corrupt policy of the country. Otherwise, the car will not get out and we will continue to shake hands as usual.