Pakistani Economic Think-Tank Argues That Pakistani Monetary Policy Should Mimic Bitcoin
The Policy Research Institute of Market Economy in Pakistan has outlined a number of economic issues that could be alleviated by greater adoptions of bitcoin and other virtual currencies within Pakistan. The institute cites a large underbanked population, underdeveloped financial apparatus, and rampant inflation as major economic and social problems that could be addressed by bitcoin and other virtual currencies.
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The Policy Research Institute of Market Economy in Pakistan has outlined a number of economic issues that could be alleviated by greater adoptions of bitcoin and other virtual currencies within Pakistan. The institute cites a large underbanked population, underdeveloped financial apparatus, and rampant inflation as major economic and social problems that could be addressed by bitcoin and other virtual currencies.
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That is a very interesting point of view. However, governments hate to cede control. Rampant spending of public money is one way by which governments satisfy their poll promises. If monetary policy is restrictive, they will find it difficult to do so.
That is the very reality which politicians/leaders are working with. Nobody would ever campaign on the slogan that there would be no new big projects/programs to be implemented and that no revenue would be raised...they won partly on the basis of those expensive promises and they would do everything they can to fulfill those promises.
Unfortunately, the citizens are always looking at the government as the inexhaustible source of funds as if it has some form of a magic wand that can sprout money on the table...so the government would print more money to be used for their programs and which will slowly eat the people's purchasing power via inflation.
This is the reason why the global economic order could not be sustainable in the long run. Only a few country is spared from the curse of debts and economic stagnation. Unfortunately, we have already tried so many economic systems and most of them were proven to be even more fatal than the problems they are supposed to solved.
