Cryptocurrency is in a bubble, the trend could very well be toward cryptocurrency being an important medium of exchange and store of value in the future. If the current price is lower than the highest price we will ever see. That makes it a good long-term bet.
A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Bitcoin was increasing in popularity in Pakistan before the ban. In December 2017, Urdubit was the only Bitcoin exchange in Pakistan. However, Urdubit has since shut down as it can no longer legally operate within Pakistan.
Pakistan, which is seeking to reduce perceived levels of crime such as money laundering and terrorist financing, will now introduce a licensing scheme for electronic money institutions.
As of 7 April 2018, the State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan. For organizations and institutions, it is banned by the State Bank of Pakistan.
SBP said virtual currencies and tokens were not legal tender and reminded it had not authorized any individual or entity to issue, sell, purchase, or exchange any such coins in Pakistan. All banks, microfinance entities, payment system operators, and service providers were “advised to refrain” from dealing in cryptocurrencies.
Bank will not get involved if there is any dispute. They will not facilitate any transaction for it. The bank has issued an official notice on its website and has also posted the news on its official Twitter account.
Local Bitcoins weekly volume for Pakistan shows that trading activity has slowed since the Bitcoin price peak in late 2017 to early 2018, however it remains moderately high despite the ban.
Pakistani Celebrity Waqar Zaqa claimed that he can manufacture Bitcoin in 4K USD (6 lacs 38k) and Govt can sell it at 13K USD (20 lacs 75k) People support Waqar and request Prime Minister Imran Khan To Have a Keen Look On Crypto Legalization.
Dear, PM Imran khan we voted for change and I know that you care about Pakistan's economy. And you told us that, one person can't bring change. We all have to work together. So please, listen to Waqar zaka, and unban crypto currency.#CryptoKoLegalKaro@ImranKhanPTI@PakPMO pic.twitter.com/RPMGDR8xIx— Saad Khan (@SaadKhan1372002) November 4, 2020
Let Waqar Zaka help Pak. Money laundering is not possible when you have control over all transactions because of its traceability while it's impossible to trace money laundering via Hawala hundi where you don't have control. @ImranKhanPTI #CryptoKoLegalKaro— A F Gopang (@f_gopang) November 4, 2020
You need legislation .— Shariq Saeed (@Leshariq) November 4, 2020
You need road map.
You need rules and regulations.
Everything is available through @ZakaWaqar @tenup.io please for God sake Legalize the Crypto currency.
You already left no income sources for youth. You lied with us @ImranKhanPTI #cryptokolegalkaro https://t.co/lh6Bky7KF8