Cryptocurrency is Booming In Pakistan

Cryptocurrency is Booming In Pakistan

Pakistan is currently recording a boom in trading and mining cryptocurrency. Despite the challenges and risks in the crypto market, people are eager to learn how to mine and trade cryptocurrency in Pakistan. 

Surge of Crypto in Pakistan

Cryptocurrency is the major topic revolving around the world today. It clearly shows  that many people are exposing their interest to set into the digital world. Notably, trading and cryptocurrency mining is legal in Pakistan. And by knowing the crypto industry through social media and transactions of currencies via crypto exchanges people are ready to invest their money on digital assets. 

Moreover, the Financial Action Task Force (FATF) is an inter-governmental policy making committee who inspects money laundering and financial terriosm globally. As a note, Pakistan is under the grey list of countries during FATF inspection. Thus the FATF body discussed with the Pakistan legislators to regulate the crypto industry. 

In regards, the Pakistan authorities arranged a group to research and study about the cryptocurrency regulations. The watchdog’s from FATF, federal ministers and heads of the country’s intelligence agencies were also in the team. 

A partner at Oxford Frontier Capital and chairman of KASB Securities, Ali Farid Khwaja is one of the committee member shares that half of the committee members are not aware about the group and for what it is been working. But it is a good initiative to set up this committee to study the potential and flaws of cryptocurrencies. 

Additionally, he says,

“The relevant bodies in the government who need to get things done are supporting it, and the promising thing is nobody wants to stand in the way of technical innovation.”

Huge Interest on Digital Assets

Further, even the educational department in Pakistan showed more interest in the crypto industry. In February, Lahore University of Management Sciences received an amount worth $4.1M to study technology in stacks. It is the study related to a blockchain network that connects Bitcoin to apps and smart contracts.

Therefore, with all these interests from its people, the government started Pakistan based social media groups and websites. These online platforms teach people how to trade, invest and mine cryptocurrencies in the market. Also, many videos were put-up on YouTube and Facebook to explain the trading process. 

As a result, digital cryptocurrency exchanges like localbitcoins.com lists many Pakistan traders on their platforms. And records thousands of transactions performed by the citizens. In addition, Binance and Binomo exchange apps have recently scored more downloads in the country. 

Thus, Ahmed proudly comments that, you cannot stop crypto, so the sooner Pakistan regulates things and joins the rest of the world, the better. 

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A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.