Skip to main content

Is cryptocurrency legal in Pakistan ?

 Every virtual currency comes with advantages as well as disadvantages, some get easily hacked while other companies make their currency as secure as possible and try to make it transparent and flexible to the world laws. That`s why crypto is ban in some countries, in some countries it is hostile and, In some countries, you are allowed to trade crypto without any obstacle.

So, here comes Pakistan, in Pakistan crypto is not illegal and is not allowed to trade, either in the group or individually which means it is a hostile currency in Pakistan. On

January 16, 2021, the SBP (State Bank of Pakistan) stated that:

                                                                                                             "The SBP has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and  investment of virtual currencies, coins and tokens."

In the past, when a trader of Bitcoin was arrested by the Federal Investigation Agency (FIA), when he submitted a petition against the case in the Sindh High Court (SHC), the jury called the deputy director of FIA Abdul Ghaffar to make comments on the petition and clear the matter but, he didn`t appear. The jury again summoned him and this time he stated that:

                         "The SBP in 2018, made virtual currency trade, exchange, sale, or purchase illegal due to which the petitioner was arrested."

    The petitioner said to the SHC to allow the sale, purchase, exchange, and mining of virtual currencies in Pakistan as the people are willing to pay taxes on virtual currencies.

On this SBP guarded their statement saying that:

                                                                                       "Bitcoin, Litecoin, etc. are virtual currencies and you can make their sale, purchase, or exchange anonymously which could not be traced easily like we trace the paper currency that will not only increase the cases of frauds or terrorism but also increase the cases of money laundering. Furthermore, he stated that people are not aware of the use of virtual currencies at this time which will lead them to huge loss (if they tried to invest blindly, to increase their money). Moreover, he said that the following international payment gateway services are working in Pakistan:

·        Union Pay                                                                                              

·        Visa

·        Mastercard

·        Pay Pak

·        Payoneer

·        Transferwise

·        Xoom

·        Cyber Source

About allowing PayPal in Pakistan, he said the same thing that these virtual currencies (Given above) are currently working in Pakistan.

                                                               


   

He also said that companies like PayPal and Skrill should come and establish their digital payment services in Pakistan."

                                                     


So currently, Cryptocurrency is hostile in Pakistan.

Note: The red areas show hostile countries. (Wikipedia Source)


But you can trade in Pakistan, not of crypto but of stocks, they are completely legal and there are many companies and banks in Pakistan which are offering you to invest in stocks. The company that allows you to invest in stocks is Pakistan Stock Exchange (PSX) it has 540 companies registered.

The link of PSX: https://www.psx.com.pk/

Thanks for Reading (Take Care😷).

Comments

Popular posts from this blog

What is Data Mining, and how does it work?

  Data mining is a word we have always heard and tried to understand what it is but never got the right information, right! Just read along to get your hands on Data mining and you`ll be scared as well after knowing what it is. What you`ll know by the end of this blog: ·         Definition ·         How Google and Facebook fetch your data ·         What are Cookies ·         What are Tracking Cookies and Deep Face ·         4 steps of Data mining ·         Data Mining Techniques ·         Software and Tools ·         Pros and Cons Data is “Raw facts, and figures” while Mining is “Extraction” like gold mining. So, we can say that, Data mining is the process of finding peculiarity, patterns and correlations within large data sets to predict outcomes. Using a broad range of techniques. Let`s take a look at an example to understand it better ( Note: You can try it as well). First, open Facebook and scroll through without opening anything, now open something

Struggling for job as an 18 year

Today, I am going to talk about the biggest problem for an  18-year-old and that is finding a job. When I turned 18 years old the biggest problem I face d is what to do. I tried finding jobs on Facebook, Career builder and even tried to do freelancing on freelancer and Fiverr. Well, I would say Career Builder is the best option only if you are a U.S. citizen. They provide you every kind of job and even the companies contact you after reviewing your resume, but this is only if you are a U.S. citizen. So, what could you do if you are not a U.S. citizen? So, here I found an option of investing in digital currency. But first I had to know, “ What is digital currency ?” L et’s see it : Digital Currency:                                           Digital currency  ( digital money ,  electronic money  or  electronic currency ) is a balance or a record stored in a  distributed database  on the  Internet , in an electronic  computer database , within  digital files  or within a 

China and Musk trashes Bitcoin

  This year in history, Bitcoin reached its highest value ever as such during the lockdown the bitcoin wasn`t performing well. But, after it, the bitcoin steadily starts climbing the chart even though many countries like India was planning to ban crypto, people were investing in it. And when Elon Musk (Owner of Tesla Motors) announced on 9 Feb 2021 , that Tesla is going to invest $1.95 billion, the result was that the bitcoin reached its highest value in history, approximately $63,729 (according to data from Coin Metrics) on April 13, 2021. Now, approximately 2 weeks ago China banned cryptocurrency means you cannot trade anything with Bitcoin which initially decreases the value of Bitcoin to about 9%. And also, Elon Musk in his tweet said that Tesla will no longer accept Bitcoin for car purchase, due to which it goes to 30-40% and reached its lowest value since Feb 2020. it also affected the other crypto`s associated with Bitcoin like Ethereum. He said in his Tweet that “ Tesla has s