As more nations become aware of the possibilities of cryptocurrencies, the world of cryptocurrencies is expanding. Pakistan has also become a proponent of the technology, and the government is under increasing pressure to regulate cryptocurrency. While the nation was putting up an action plan, the country's largest bank, Alfalah, formed a strategic collaboration with the LuLu Exchange in the United Arab Emirates. Through RippleNet, this Abu Dhabi-based exchange aimed to speed up and expand cross-border remittance transfers.
The strategic alliance, according to sources, will allow remittances to flow between the UAE and Pakistan, Alfalah, situated in Pakistan, has never had a payment integration before. This will allow a significant portion of the Pakistani community in the UAE (almost 15%) to make quick and cost-effective moves. According to the study,
"According to their development ambitions, Bank Alfalah's FinTech effort will act as a prototype for group deployment with Lulu Exchange's sister concerns in Bahrain, Oman, Kuwait, Qatar, Singapore, and Malaysia."
RippleNet, interestingly, has been merging various banks from underdeveloped countries to provide cross-border services. Another chance for it to use its services and extend its wings in the Asia-Pacific area came with Pakistan's sixth-largest bank. Pakistan was one of the top remittance markets, according to Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, and they were hoping to expand their reach into new markets by 2022.
Meanwhile, Pakistan's Sindh High Court has given the Imran Khan-led government three months to regulate cryptocurrency. This ruling was issued in October, so by January 2022, the Pakistani government should be able to provide some clarification and provide regulatory standards to cryptocurrency aficionados.
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