It is estimated that over 9.0 million people, 4.1% of Pakistan’s total population, currently own cryptocurrency.(1)
Pakistan – potential crypto hub?
The interest for Bitcoin has increased in Pakistan with a rise in “bitcoin” and “cryptocurrency” online searches following the government’s discussion of cryptocurrency regulation.(2)
Are Pakistanis open to crypto?
With low banking penetration rates and “very limited POS terminals in the country”, the Bitcoin market in Pakistan “is still very new,” but it is fast growing as stated by Pakistan’s first and largest bitcoin trading platform Urdubit.(3)
Crypto’s rising popularity in Pakistan
PYMNTS.com: Pakistan Eyes Own Crypto – April 2021 The country is currently studying how to make way for its own digital currency in line with numerous others, including China. It wants to look at expanding banking facilities to help the underserved, along with making it easier to fight money laundering and terrorism financing, according to the report. In addition, a currency would help with one of the chief issues facing the Pakistan government by combatting corruption, the report stated.
Reuters: Pakistani province plans to build pilot crypto currency mining farms – March 2021 The Pakistani province of Khyber Pakhtunkhwa is planning to build two hydroelectric-powered pilot “mining farms” to capitalise on a bullish global cryptocurrency market, a minister overseeing a new government crypto policy told Reuters on Wednesday. The announcement comes as cryptocurrencies are gaining mainstream acceptance, with Bitcoin’s price reaching record levels as investors such as Elon Musk pour funds into it, and the first big U.S. bank, Morgan Stanley, offering its wealth management clients access to bitcoin funds.
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