What Is Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
It is no surprise that cryptocurrency has become quite popular in the nation. The country has also witnessed a significant increase in the profit of trade and business with the online exchanges.
Moreover, the federal government has set up a committee which includes observers from FATF, federal ministers and heads of country’s intelligence agencies to administer the rules and regulations of cryptocurrency in the country.
“Half the members had no clue what it was and didn’t even want to understand it. But the good thing is someone set up this committee. The relevant bodies in the government who need to get things done are supporting it, and the promising thing is nobody wants to stand in the way of technical innovation.” Said the member of Committee, Ali Farid Khawaja. Universities are also working on cryptocurrency networks to enhance its further growth in the country through the grant of million US dollars.
