What is the Future of Cryptocurrency in Pakistan?

Introduction:

Cryptocurrency is a type of digital currency which is more secure, trustable, source of making money and easy to keep. Cryptocurrency is a decentralized currency which operates through the technology of blockchain. This currency is not like the regular one which is issued by the bank (dollars, rupees or euro), cryptocurrencies operate on completely different platforms which are way more secure than the normal ones. There are almost 18 thousand different cryptocurrencies out there in which Bitcoin is the most famous and somehow the most expensive too.

Cryptocurrency when first introduced in Pakistan, people of Pakistan considered it a unique and valuable step for business and investors. People thought the future of cryptocurrency in Pakistan was very bright and long-lasting but the Government of Pakistan has different plans regarding this digital currency. We will discuss the future of cryptocurrency in Pakistan in this article.                        

High Expectations and Early Investments

Many people of Pakistan considered this digital currency a great platform for investing and making money online and invested a lot of money and bought a massive amount of cryptocurrencies which cost millions of dollars, but due to lack of knowledge of this digital currency and proper guidance, people have lost a ton of their investments in search of good profits, and also there are many scams and fraud cases in Pakistan which led to the destruction of people’s investments.

Cryptocurrency Scams and Losses

There are many cases of cryptocurrency scams and fraud in Pakistan which clearly shows how much money people lose with their investments in cryptocurrency. In January, people lost $100M which is billions of Pakistani rupees. With all that loss of money, a lot of people avoid investing in cryptocurrency. 

Mixed Sentiments of Crypto Investors

Nowadays people are really in a situation to decide whether to invest in cryptocurrency or not and what is the future of cryptocurrency in Pakistan. Their worries about cryptocurrency are right because, in the last few years, the crypto market has been going through many problems like scams, fraud, and other hacking attempts. Instability is all over the crypto world, which leads people not to invest in cryptocurrency.

Besides those people who are not interested at all in the crypto world after all that instability, there are also many people out there who have great interest in this digital world despite all the frauds and scams and really want to invest, but they do not have any idea what is the future of cryptocurrency in Pakistan. If you are one of those who are puzzled about the future of cryptocurrency in Pakistan, then keep reading the article to the end because this article is the ultimate guide to the future of cryptocurrency.

Government Policies vs. Cryptocurrency

The cryptocurrency trend or growth is increasing day by day, and more and more people become a part of this world, but the government policies and their rules do not fit with this digital currency and lead to retardation of the crypto growth in Pakistan. Pakistani people bought almost 50M USD worth of the cryptocurrency in a very short period of time, the bank transactions are worth almost billions of Pakistani rupees. This is a very good sign but the policies and rules of the Pakistani government are not in favor of this currency, and most people are worried about the future of cryptocurrency in Pakistan. 

FIA Intervention

In the meantime, when the crypto activities were at the peak, the famous Pakistani investigation agency FIA jumped into the situation and froze many accounts of the people trading cryptocurrencies and clearly declares that the crypto is no longer legalized in Pakistan. FIA banned many accounts which are actively involved in the crypto buying and selling. But crypto activities won’t be stopped completely and people trade crypto by illegal ways. In January 2022, State Bank of Pakistan completely banned all types of crypto trading in Pakistan which is very shocking for the people as they are earning a good money from it. In April 2023, Dawn newspaper published news that banks warned people against using their debit and credit cards for crypto.

Waqar Zaka’s Advocacy for Cryptocurrency Legalization

The only person who has filed several cases against this banning of the cryptocurrency is Waqar Zaka, who alone fought with all the agencies and government of Pakistan to unban the cryptocurrency. He is an influencer and entrepreneur who worked very hard for cryptocurrency and educated Pakistani people about cryptocurrency and other money making methods. He has persuaded all Governments to unban cryptocurrency and to set up the first mining farm of Pakistan and only the KPK Government has permitted him.

In conclusion, The future of cryptocurrency in Pakistan is very complex and uncertain. People have high hopes, but due to scams and fraud in cryptocurrency, people are in a state of confusion and not sure about their investment in cryptocurrency. Instead of creating a proper framework and regulation for it, the government of Pakistan banned this digital currency from Pakistan. Waqar Zaka has fought for the legalization of crypto and filed a case. But unfortunately, he could not legalize crypto in Pakistan, but he still becomes the hope for those who want to invest in cryptocurrency by teaching them the alternate ways of crypto trading within Pakistan.