Bitcoin is currently banned by the State Bank of Pakistan and it’s illegal for businesses, banks and other entities to trade bitcoin in the jurisdiction of Islamic Republic of Pakistan.
But Pakistan is the world’s fourth-largest country by population, and about 50 percent of the population is between the ages of 15 and 40, and only about 4 percent is over the age of 65. So, bitcoin adoption in Pakistan is increasing at a fast pace, even though it’s banned by the State Bank of Pakistan. Many freelancers working in tech industries from Pakistan get paid in bitcoin. Which brings more liquidity in the country.
And there has been regulatory progress from one region of the country, which will lead the government to invest its own funds into bitcoin mining farms.
This combination makes Pakistan one of the most interesting regions in the world when it comes to Bitcoin adoption, regulation and the mining industry.
Bitcoin Trading In Pakistan
The daily volumes of trades are increasing in Pakistan despite the government’s ban on bitcoin and other cryptocurrencies.
Bitcoin is being traded heavily on peer-to-peer exchanges like Paxful and LocalBitcoins in Pakistan. Other chunks of trades are happening in social media groups and online communities where freelancers sell their bitcoin in exchange for cash-to-money exchangers who later sell it on a 5 percent to 10 percent premium.
Bitcoin is currently not accepted anywhere in Pakistan as a medium of exchange. There is not a single regulated, centralized bitcoin exchange operating in Pakistan