Pakistan | 2022

Digital currency Adoption and trends in Pakistan in 2022

4.1

%

of Pakistanis
own digital currency

How many digital currencies owners are there in Pakistan?

It is estimated that over 9.0 million people, 4.1% of Pakistan’s total population, currently own digital currency.

Digital currencies Market Sentiment in Pakistan

The interest for Bitcoin has increased in Pakistan with a rise in “bitcoin” and “digital currency” online searches following the government’s discussion of digital currency regulation.

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.

Digital currencies’s rising popularity in Pakistan

  • Fair Observer: The Raging Digital currencies Mania in Pakistan – Jun 2022
    Bitcoin and digital currency mining were flourishing in Pakistan until April 2018 when the government banned trading and mining the virtual currencies. There is still a growing mining industry despite the fact that many mining farms have been shut down since this ban was implemented. Yet recently, the adoption of digital currencies has begun to gain traction again in the country.

     

  • TheEconomicTimes: Pakistan plans digital currencies ban; industry players call it big mistake – Jan 2022
    Many Pakistanis think digital currencies is the solution to their financial woes. The country is facing high inflation, heavy debts, and low foreign reserves. Industry experts have given Pakistan’s plan to ban digital currencies a thumbs down as they believe that banning digital currencies is no solution and Pakistan is likely to make a big mistake. Vikas Ahuja, CEO of CrossTower India, said that digital currency is more than just a currency. It is a new framework for finance and information.

     

  • PYMNTS.com: Pakistan Eyes Own Digital currencies – 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 digital currencies 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 digital currency market, a minister overseeing a new government digital currencies policy told Reuters on Wednesday. The announcement comes as digital currencies 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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