Pakistan is currently the seventh most populous country in the world with approximately 202 million residents. Today, the country exhibits many traits ripe for accelerated Bitcoin Cash adoption.
HUGE FREELANCE MARKET, BUT PAYMENT SOLUTIONS LACKING
Despite having no access to Paypal, Pakistan still ranks among the top countries for freelance outsource workers. In fact, Pakistan is ranked 3rd on freelance websites. According to the New York Times, 10,000 IT graduates in Pakistan are estimated to enter the Pakistan job market every year.
Remittances are also a very big market in Pakistan, About 20 billion USD coming in annually since there are not enough jobs the major remittance is seen from the UAE and Saudi Arabia followed by western countries. Despite the lack of jobs, however, life in Pakistan has been modernising in recent years. Rapid lifestyle change, technological innovations, and increasing broadband access in Pakistan have all accelerated the number of Pakistani freelancers. However the payments are always a problem. Since the job market is also limited we see many freelancers turning to Bitcoin Cash, there is no Paypal in the country and no proper payment processor which could aid payments.
PAKISTAN’S BITCOIN CASH MARKET
Admittedly, the Bitcoin Cash market in Pakistan is still very new but it is fast growing. Citing low banking penetration and very limited POS terminals in the country Bitcoin Cash provides a cross-board payments system, as well as local payment solution at a much cheaper cost.
Do you think Pakistan is ripe for bitcoin Cash adoption?
Hi shahrukhmughal6,
It is very exciting to see how BCH will get more popular in Pakistan where has a very big potentiality for cryptocurrencies in general!