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Pakistan's Entry In Crypto World

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1 month ago

There was no such thing as crypto trading in Pakistan 4 or 5 years back as it is a 3rd world country located in South Asia. And people had know nothing about that there is such thing as crypto.

But now due to increase usage of social media, people started questioning their government that why Pakistani government and banks are not letting us to trade in cryptocurrency? Some famous celebrities like Waqar Zaka started a campaign on social media to enable the use of cryptocurrency in Pakistan.

Pakistani banks had closed their services for trading in crypto currency and people were not able to use their debit cards or their bank accounts on crypto exchanges. They were not able to mine crypto as well.

For that Waqar Zaka filed a case against State Bank of Pakistan in Sindh High Court, to legalize the use of crypto currency in Pakistan.

How State Bank Of Pakistan Reacted?

After a long battle between both parties, State Bank of Pakistan stated that it has never declared cryptocurrency illegal. State Bank also stated "if cryptocurrency uses to launder money then the user will be charged by FIA".

After this, Waqar Zaka said on his Facebook group that "it happened due to government negligence, lack of knowledge of crypto and a lack of correspondence between State Bank and other banks".

What's The Situation Now?

Now Pakistan has officially entered in crypto world. And a lot of people investing in cryptocurrencies. But still people face difficulties to use their bank accounts and debit cards. People mostly trading in cryptocurrency by P2P method. After all the harsh policies of Pakistani government, Pakistani's are still making good profit.

As a matter of fact, Pakistan is doing good then a lot of 3rd world countries.

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