Cryptocurrency and Its Regulatory Issues, Considering Bitcoin & Ethereum: A Case of Pakistan

Abstract

Cryptocurrency is a peer-to-peer and decentralised network-based currency. After the introduction in 2009, it faced criticism and favouritism and is still developing and reshaping. So far, it is being evaluated from many aspects like financial, economic, social, political and legal. The legal aspect plays a significant role in implementing any new technology. In the context of the regulation of cryptocurrency, its market is under constant flux, and regulatory authorities engage in monitoring its trade across borders. Fintech services are ironically bridging the gaps in cryptocurrency-related financial and investment services offered by blockchain. This study highlights the cryptocurrency movement across the world, acceptance, analysing the factors that affect its transaction. Scenarios have been explained in brief under the shadow, understanding the regulatory possibilities in Pakistan and the reasons creating hurdles for cryptocurrency regulation.