Living With Cryptocurrency In Pakistan. Approximately over 9.0 million people, 4.1% of Pakistan’s total population, currently own cryptocurrency in their exchange wallets.
What Is Crypto Currency
Crypto Currency is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. A defining feature of cryptocurrencies, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. Cryptocurrency is a high-risk, highly volatile sector, prone to extreme valuation swings and with a history of hacking and fraud. This currency is also used in E-Commerce as a payment method by digital firm services.
Is Crypto Currency Legal In Pakistan
Crypto currency is legal in Pakistan if you exchange it with regular currency. However, the government has made it illegal to hold cryptocurrency in Pakistan. If they catch you holding any cryptocurrency on your computer or mobile, they will charge you with cyber crime in Pakistan. Furthermore, you will be banned from any bank account in Pakistan. So if you have any cryptocurrency on your mobile or computer, it ITS ADVISABLE TO GET IT OFF NOW!!
The government of Pakistan has already started working to regulate the use of digital currencies. There is no legal status for Bitcoin in the country. The Finance Minister of the country has declared that digital currencies are not legal tender of any country and the monetary authority of Pakistan does not support any dealings in these currencies. The State Bank of Pakistan has also issued a notification declaring that no financial institution will be working with any digital currency in the country.
We are not sure about that but probably it’s not legal in Pakistan. It’s a virtual currency that works in the virtual system. It’s not possible to manage it because it’s not connected to any company or bank.
How To Buy Crypto Currency In Pakistan
You can buy cryptocurrency easily in Pakistan. There are so many companies in Pakistan that are selling cryptocurrency and you can easily buy this crypto currency in Pakistan. Pakistan is a potential market for cryptocurrency, there are already a few people who are trying to buy crypto currency in Pakistan. Cryptocurrency is not issued by the government or banks, but are tokens for exchange for goods, services, or other cryptocurrencies. In Pakistan, there is no law yet regarding crypto currency. But future Pakistani government will be issuing a law regarding crypto currency. Well, the Pakistani government is not supporting it because they are concerned about terrorism funding using crypto currencies.
This is amazing that a country like Pakistan has a Crypto currency Exchange like you and me, despite all the odds. If you’re from Pakistan and want to buy any Cryptocurrency, then you can use Binance, Kucoin, Bitmart, or Hotbit. They’re a Global Cryptocurrency Exchange with a presence in Pakistan