By Faiza Tehseen ISLAMABAD, Oct 26 (INP-WealthPK)- Cryptocurrency is a new trend for the world economies, especially for a developing country like Pakistan, to switch over and to achieve economic and GDP growth by sowing the seed of well-planned financial sources. It is a globally evolving phenomenon bringing dramatic changes in trade, investments and profit-earning, and is set to become a future trade norm doing away with traditional business hurdles. Cryptocurrency has gradually become a top trend today. After bitcoin, a lot of other software houses have released their own versions of cryptocurrency. According to Forbes Advisor’s latest release dated Sept 30, 2021, the top 10 trending examples in Crypto trade are Bitcoin (BTC), Etherium (ETH), Tether (USDT), Cardano (ADA), Binance coin (BNB), XRP (XRP), Solana (SOL), USD Coin (USDC), Polkadot (DOT) and Dogecoin (DOGE). Some cryptocurrencies are backed up by Euro or US dollar. For instance, USD Coin is backed up by US dollar and it aims to reach the ratio of 1 USD to 1 USDC. In this way, it maintains stability and is further powered by another cryptocurrency Etherium. In the same way, Tether (USDT) is another currency backed up by two different currencies e.g. US dollar and Euro. The two new trends backed up by any strong currency/currencies’ and ‘fully centralized to the end’ are making the crypto business more reliable, authentic and confident to invest. Though exchange of trade and services in bitcoin is legally acceptable in few countries but unfortunately it is banned in the developing and heavily indebted country Pakistan, as no well-defined framework or statistical data has been made available by the State Bank or the government to check or monitor the rate of total earnings. In spite of this serious shortcoming, Crypto has attracted a large number of Pakistani citizens, some of whom have also tried mining at a small scale, as it is too expensive to manage. It is on record that ‘Binance’, a crypto exchange app, is the fourth most downloaded app in Pakistan, showing the positively growing crypto trading trend. The silver lining is that taking a bold step, the Khyber Pakhtunkhwa (KP) government has allowed crypto trading and mining by tabling a resolution in the provincial assembly. Besides, serious steps are underway to channelize the illegal ways through VPNs toward a law-protected centralized system for the growth of economy and the overall betterment of the people. The KP government’s plan to build two hydroelectric-powered ‘crypto mining farms’ to generate a handsome capital is an encouraging development. Advisor to the KP government on Science and Technology Ziaullah Bangash has said ‘cryptocurrency mining and trading’ both were currently under the shadow and must be legalized. Time warrants that the Government of Pakistan officially recognize cryptocurrency and regulate it. Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, has also recommended Islamabad to regulate cryptocurrency. If Pakistan allows crypto networks in a centralized order, its economy can stabilize and prosper within the shortest possible time. A centralized system governing crypto business in Pakistan will not only close the doors to frauds and scandals and enable its educated but unemployed manpower to earn, but also generate a handsome graph of GDP and revenue growth.