Pakistan

4.1% of Pakistanis own cryptocurrency

How many cryptocurrency owners are there in Pakistan?

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

Cryptocurrencies Market Sentiment in Pakistan

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

Cryptocurrencies’ rising popularity in Pakistan

  • Fair Observer: The Raging Cryptocurrencies Mania in Pakistan – Jun 2022
    Bitcoin and cryptocurrency 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 cryptocurrencies has begun to gain traction again in the country.
  • The Economic Times: Pakistan plans cryptocurrency ban; industry players call it a big mistake – Jan 2022
    Many Pakistanis think cryptocurrencies are 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 cryptocurrencies a thumbs down, saying it is no solution and that Pakistan is likely to make a big mistake. Vikas Ahuja, CEO of CrossTower India, said that cryptocurrency is more than just a currency. It is a new framework for finance and information.
  • PYMNTS.com: Pakistan Eyes Own Cryptocurrencies – April 2021
    The country is currently studying how to issue its own cryptocurrency, in line with numerous others, including China. It wants to expand banking facilities to help the underserved, as well as make 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 cryptocurrencies 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 y 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.