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Currently, without a regulator or measures in place, the country is missing out all that cryptocurrency has to offer
KARACHI:
Pakistan is one of the fastest-growing economies with a youth bulge of 65 per cent, rapid technology adaptation, and a government trying to enable a business-friendly legislative framework. The latest data from Sensor Tower shows that Binance, KuCoin, Crypto Blockfolio, OKeX, and are the top cryptocurrency exchanges in Pakistan, among Android and iOS users. These exchanges haven’t taken any proactive measures to capitalise on this huge opportunity presented by the sixth most populous country with the third-highest global crypto adoption. Most exchanges operate either through ghost partners without any regulatory effort. As many as a thousand Pakistani traders are listed on cryptocurrency exchanges based outside of Pakistan. Localbitcoins.com is one of the leading platform on crypto exchanges, which facilitates a bulk of Pakistanis.
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. Bitcoin mining pools like ViaBTC, Braiins and Slush Pool saw an increase in the number of people mining bitcoin and other crypto currencies at home as a result of the ban. The cryptocurrency market is highly volatile, and...
Read Full Story: https://tribune.com.pk/story/2349633/unregulated-and-forbidden-crypto-still-thrives-in-pakistan
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