Explainer: Getting rid of cryptocurrency is no longer easy

Many countries are allowing it space in their economies

The first digital currency based on blockchain technology, the bitcoin was introduced in 2008. No one took interest in it and between January and March 2010, the value of bitcoin remained zero. By the end of March 2010, it was barely equal to $0.003 and in April 2011 it was equal to a US dollar. 

The journey continued and today, almost 10 years later, the value of a bitcoin has reached $66,000 which is the highest value of bitcoin in its history.The value of bitcoin is increasing rapidly.

A year ago, the price of BTC was $12,000. If you look at the value of bitcoin in Pakistani currency, a year ago, a bitcoin was worth Rs1.92 million but now its value is Rs11.2 million. But fluctuations in this digital currency are more unusual than other products. The bitcoin had fallen below $30,000 in March-April period this year after touching $64,000 mark. Just after six months, it has again reached and surpassed that level.

Many countries, including the United States, Turkey and India have declared it illegal, but still they are unable to stop the trading of the cryptocurrency and now a strategy is being formulated all over the world to take advantage of it at the government level.

The Sindh High Court on Wednesday, formed a committee, headed by the federal secretary finance, to review the legal status of the cryptocurrency in three months. The high court asked this committee to compile a report in three months.

bitcoin

Sindh High Court

cryptocurrency

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