Pakistan this year prohibited banks from working with bitcoin and other cryptocurrencies. This led to the closing of the first Pakistani crypto currency exchange Urdubit, but people continued to use the cryptocurrency: on the platform LocalBitcoins today 57 Pakistanis buy and sell bitcoins, writes Forbes.
The looming economic crisis in the country contributes to the fact that people are trying to get rid of Pakistani rupee in favour of alternatives.
Imran Khan, the former cricket star and the head of the party Tehreek-e-Insaf (“Movement for justice”) won the recent elections and now almost certainly will become Prime Minister. First Khan is the improvement of the economy of Pakistan. This year, the rupee fell a few times against the dollar, and foreign exchange reserves are gradually depleted. Many analysts predict that Pakistan may have to turn to the international monetary Fund to provide regular financial assistance.
However, the country imposes strict rules for those who want to receive money from abroad. According to Bloomberg, the Central Bank of Pakistan increased the number of bureaucratic procedures required to gain access to the U.S. dollar.
Similar steps from the government of Iran has forced residents of this state use bitcoin to store your money outside the financial system. Abu Shahir, the founder of Pakistan cryptocurrency Pakcoin says:
People are turning to cryptocurrencies as investments, but much slower than in the West, because the level of literacy here below and for them it is a completely new phenomenon. Some use crypto as an alternative payment method. Most people accessing the cryptocurrency is the day trader who are looking for investment opportunities.