Crypto-currencies and criminality

The recent bust of a worldwide international paedophile ring using Bitcoin payments highlighted one of the key fears surrounding crypto-currencies -- their use by criminals. Social networking giant Facebook is keen to get in on the act by launching a digital currency called Libra. But US Treasury Secretary Steven Mnuchin has aired his ongoing opposition to the move, saying many concerns remained unresolved, including "the issue of money laundering". Despite tighter regulations and increased vigilance by the authorities, illegal activities related to virtual currencies remained "significant", Madeleine Kennedy, from the research firm Chainalysis said.

The recent bust of a worldwide international paedophile ring using Bitcoin payments highlighted one of the key fears surrounding crypto-currencies.

A Chainalysis report published in January said that in 2018, one percent of Bitcoin transactions -- the most widely used cryptocurrency -- involved illegal activities. The equivalent of $600 million was also spent using Bitcoins on the dark web, a set of hidden networks where a multitude of illicit products, including weapons and drugs, are traded. In comparison, the global turnover of drug trafficking is estimated at several hundred billion dollars. Kennedy believes the use of Bitcoins for criminal purposes was partly based on a "misunderstanding". The confidentiality reputation of the most famous cryptocurrency is unrivalled, with all transactions recorded in an unforgeable public ledger, the blockchain. But it is "more transparent than some traditional financial systems and certainly more than cash", she added.

US Dollar against Pakistani rupee increased in interbank

In open market, the buying and selling rates of Pakistani rupee against dollar stood at Rs 154.6 and Rs 155.2 respectively. The SBP further reported that in interbank the price of Euro depreciated by Rs 1.04 and traded at Rs 172.60 against the last closing of Rs 173.64. The exchange rate of Japanese Yen appreciated by Rs 0.01 to  close at Rs 1.43 whereas the decrease of Rs 2.04 was witnessed in the exchange rate of British Pound.

  ISLAMABAD: The exchange rate of US Dollar against Pakistani rupee increased by Rs 0.02 in interbank on Friday and traded at Rs 154.89 against Rs 154.87 of last trading day, State Bank of Pakistan (SBP) reported. In open market, the buying and selling rates of Pakistani rupee against dollar stood at Rs 154.6 and Rs 155.2 respectively. The SBP further reported that in interbank the price of Euro depreciated by Rs 1.04 and traded at Rs 172.60 against the last closing of Rs 173.64. The exchange rate of Japanese Yen appreciated by Rs 0.01 to  close at Rs 1.43 whereas the decrease of Rs 2.04 was witnessed in the exchange rate of British Pound which was traded at Rs 202.69 as compared to last closing of Rs 204.73. The exchange rate of UAE Dirham and Saudi Rayal increased by Rs 0.01 each and were traded at Rs 42.17 and Rs 41.29 respectively.

Pakistani rupee gains strength as US dollar weakens by Rs0.10

The US dollar was traded at Rs154.56, as compared to the last day's trading of Rs154.66. The exchange rate of US dollar weakened by Rs0.10 against Pakistani rupee, as reported by the State Bank of Pakistan (SBP) on Friday.

The US dollar was traded at Rs154.56, as compared to the last day's trading of Rs154.66. In the open market, however, the buying and selling rates of Pakistani rupee against dollar stood at Rs154.45 and Rs155.15 respectively. The SBP further reported that in interbank, the price of Euro depreciated by Rs0.53 and was traded at Rs172.02, against the last closing of Rs172.55.  The exchange rate of Japanese yen, however, remained stable at Rs1.40. A decrease of Rs0.05 was witnessed in the exchange rate of British Pound which was traded at Rs201.86 as compared to last closing of Rs201.91. Exchange rate of the UAE Dirham was decreased by 02 paisas to close at Rs42.08, while the Saudi Riyal decreased by 03 paisa to close at Rs41.19.

Expect the Pakistani economy to 'recover slightly' from 2021

 The United Nations has said it expects the Pakistani economy to recover slightly from 2021 onwards due to increased government revenues and implementation of financial reforms.In addition to forecast about the Pakistani economy, the report also detailed the economic outlooks of other countries in South Asia, like India, China, and Bangladesh, among others.

According to UN World Economic Situation and Prospects (WESP) report, the Indian economy is expected to grow by 5.7 per cent in the current fiscal year and is expected it to rise to 6.6 per cent in the next. Also read: China economy grows in 2019 but with slowest pace in three decades Bangladesh is forecast to grow by 8.1 per cent this fiscal year and 7.8 in the next. The report adds that only China has a higher growth rate than India among the world's large economies. Highlighting Pakistan, the report claimed that Islamabad has been struggling with a balance-of-payments crisis and the burden of high public debt, which has led to fiscal tightening and an IMF loan. “High inflation and security concerns have hurt domestic demand and private investment, and the government’s ability to address the slowdown has been severely curtailed by the fiscal tightening,” stated the report.

                         ‘Global economy anaemic, incomes likely to suffer’ The UN expects growth to remain “anaemic” in most advanced economies, including the United States. Japan may do better, because of the Olympics, according to Richard Kozul Wright. Wright, the head of globalisation and development strategies at the UN Conference on Trade and Development (UNCTAD) is the co-author of the report released earlier this week. “Quite a large number of countries will actually see stagnation or decline in per capita incomes this year, predominantly in Latin America and Sub-Saharan Africa,” he said. Also read: Federal minister Asad Umar says inflation will reduce in 2020 “Impacted by prolonged trade disputes, the global economy suffered its lowest growth in a decade, slipping to 2.3 per cent in 2019… however, [the world] could see a slight uptick in economic activity in 2020 if risks are kept at bay,” the UN said. The report further states that growth of 2.5 per cent in 2020 is possible, “but a flareup of trade tensions, financial turmoil, or an escalation of geopolitical tensions could derail a recovery".

            It said a prolonged weakness in global economic activity may cause significant setbacks for sustainable development, including the goals to eradicate poverty and create decent jobs for all.

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