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Cryptocurrency becomes a saving grace for Pakistanis

Cryptocurrency is gradually becoming a saving grace for Pakistanis because of the mounting economic issues in the country. The trend is despite the 2018 cryptocurrency ban which caused Urdubit, Pakistan’s premier Bitcoin bourse, to shut down its operations.

Earlier this year Pakistan banned the banks in the country from working with bitcoin and cryptocurrencies. People have continued to use cryptocurrencies despite this ban. This had also led to shutting down of the first bitcoin exchange Urdubit.

The reports show that Pakistanis might be pushed towards Bitcoin and other cryptocurrencies owing to the looming economic crisis in the nation.

crisis Cryptocurrency is gradually becoming a saving grace for Pakistanis because of the mounting economic issues in the country. The trend is despite the 2018 cryptocurrency ban which caused Urdubit, Pakistan’s premier Bitcoin bourse, to shut down its operations.With the near economic of Pak stan, it is becoming clear that cryptocurrency trading is the way out. More people are beginning to seek alternative options like virtual currency in order to secure the little money they have left. The Asian country’s central bank has undertaken more stringent measures, increasing the red tape required to access forex.

Figures from crypto trading platform, LocalBitcoins, shows that there are presently 57 Bitcoin traders in Pakistan. Abu Shaheer, the founder of Pakistan-based cryptocurrency, Pakcoin, highlighted the growing trend of cryptocurrencies in the economy. He said:

“People are turning to cryptocurrency as an investment, but slower than the western world as the literacy rate is lower here and it’s a totally new phenomenon for them. Some are using it as [an] alternative means of payments. Most people using cryptocurrencies are day or short-term traders finding investment opportunities in crypto and are growing in number.”

The situation is very much similar to what happened in Iran. Despite the cryptocurrency ban in the nation, Iranians did not leave any chance to still deal in Bitcoin (BTC). Not just this, the economy of Iran is also facing an economic crisis.

Pakistan’s economy has experienced serious problems in recent times. In 2018, the local currency, the rupee, has continuously fallen against the dollar with foreign reserves also running low.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.