Bitcoin Daily: Pakistan Eyes Own Crypto

Pakistan is the youngest country to work on a digital currency, reported The Express Tribune.

The country is currently exploring how to make way for its own digital currency, in line with numerous others, including China. According to the report, the expansion of banking facilities will be studied to help the underserved and to facilitate the fight against money laundering and terrorist financing.

In addition, a currency would help with one of the main problems facing the Pakistani government by fighting corruption, the report said.

In other news, Coin Cloud, a Las Vegas-based company working on Bitcoin ATMs, is planning a 400 percent increase this year, a local news report said.

Founder Chris McAlary said in the report that the goal is “to increase from around 2,000 today to 10,000 by the end of the year”.

He said the reason is the growing popularity of cryptos, as well as the machines as an extension of it. International tourism has increased adoption as digital currencies are used to transfer money around the world.

Meanwhile, the Chinese central bank is calling Bitcoin an “investment alternative”. This is a change in terminology due to a crackdown on the Beijing cryptocurrency several years ago, CNBC reported.

“We consider bitcoin and stablecoin as crypto assets … these are investment alternatives,” said Li Bo, deputy governor of the People’s Bank of China (PBOC), during one of CNBC’s Boao Asia Forum on Sunday (April 18) reported CNBC.

Industry insiders said the comments were “progressive” and they would be on the lookout for regulatory changes regarding crypto, according to CNBC.

Finally, the crypto futures market saw a record number of asset liquidations over the weekend when a sudden drop in Bitcoin price surprised overfunded traders, CoinDesk reported.

Exchanges offering crypto futures liquidated positions valued at $ 10 billion on Saturday (April 17), slightly above the previous record of $ 5.77 billion set on February 23, CoinDesk reported below Appeals to the data provider Bybt.

Forced closures or bullish deals accounted for $ 9.26 billion, or more than 90 percent of total liquidations, according to CoinDesk.



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