The sector of digital assets is continuously escalating, having the familiarity of many countries with the potential of cryptocurrencies. Recently Pakistan has come to be another supporter of the respective technology, and in this respect, the authorities thereof have been undergoing mounting pressure to bring regulation to the country’s crypto department.
While the country was moving toward the organization of a particular agenda to be implemented, the leading private bank thereof named Alfalah has stepped into a planned collaboration with LuLu Exchange of United Arab Emirates. The respective exchange (being based in Abu Dhabi) has played a quite noteworthy role as a provider of financial services to scale and elevate remittance payments that work across the borders via RippleNet.
The reports bring it to the surface that the current collaboration will permit the flow of remittance between Pakistan and UAE, making it the Pakistan-based bank’s initial payment integration. With this move, a large portion of the population of Pakistan, which is living in the UAE (up to 15%), would be permitted to avail the facility of cost-effective and speedy transactions. It has been noted by the report that according to the expansion strategies of Alfalah bank, the present Fintech initiative will turn out to be a pilot for team rollout having LuLu Exchange’s sister concerns in Malaysia, Singapore, Qatar, Kuwait, Oman, and Bahrain.
It is interesting to note here that several banks out of the developing region of the globe have been integrated by RippleNet to provide the services regarding cross-border payments. The sixth-largest bank of Pakistan turned into a further opportunity for the respective blockchain system to use the services thereof and expand its scope around the Asia-Pacific area. RippleNet’s Director in MENA and APAC, Brooks Entwistle, claimed that Pakistan is categorized among the biggest markets related to remittance. He further mentioned that they are fully determined to make further advancements in the market thereof by incorporating the unique technologies in 2022.
In the meantime, the Sindh High Court of Pakistan has provided a time of three months to the country’s present government, which is led by Imran Khan (the country’s Prime Minister), to make adequate regulation to the crypto sector. The very order was issued in October, and the allotted time will last till 2022’s January, and till then, the government should be capable of proposing regulatory suggestions to the enthusiasts of cryptocurrency along with providing adequate clarity to them.