Things to Know About Cryptocurrency in Pakistan

Cryptocurrency in Pakistan

Pakistan is a country where the craze of cryptocurrency is expanding like wildfire and becoming an enthusiasm that will continue to pursue in the future. The developing economy profoundly promotes this rapid adoption of cryptocurrency in Pakistan. It will not be wrong to say it will be an absolutely bright future of cryptocurrency in Pakistan. In an article, Chainanalysis has stated Pakistan on number 3 with an index score of 0.36 for Global Crypto Adoption Index 2021, Vietnam and India are on number 1 and 2, respectively. The most frequent question that the majority of people ask is cryptocurrency legal in Pakistan? The answer is not that difficult! Yet, there is no such official statement declared by any government official that investing in cryptocurrency in Pakistan is legalized.

If in case the question is cryptocurrency legal in Pakistan, get to sort out. And becomes legal, then it can leave a huge positive impact on the country’s economy. The reason behind this is, the world is transitioning so fast towards the digital economy.

Now, you must be wondering if it’s good for the economy, then why is it illegal in Pakistan?

To answer, we have to go a little back to the history of cryptocurrency in Pakistan.

So mates! It’s a story of the period 2017. Before 2017 cryptocurrency exchange in Pakistan was not that much popular. After the bull run of 2017, cryptocurrencies get an increasing slope of cryptocurrency price in Pakistan. Bitcoin was increased to 1,318%. Thus, that day it becomes recognized. The people of Pakistan get attracted to know how to invest in cryptocurrency in Pakistan? But unfortunately, it didn’t do well for the authorities like FBR. They began to report legal cases against the people who were involved in the trading of cryptocurrency in Pakistan. The reason behind this was, these authorities claimed that the people involved in the investment of Bitcoin are a big reason for money-laundering. And that is considered a massive corruption crime all over the world. That gives authorities a judgment to ban cryptocurrency exchange in Pakistan.

So, if somebody is confused about, ‘Is cryptocurrency legal in Pakistan or not?’ You may get your answer here. However, several investors still invest, and they all the hick and hacks on how to trade in cryptocurrency in Pakistan? And how to buy cryptocurrency in Pakistan?

Before going into depth, let’s have an overview of what cryptocurrency is?

What is cryptocurrency?

In simple words, it’s a type of money in the form of digital cash. The person can send, receive, buy, or sell anytime, anywhere without involving any third participant. It means you don’t need to pay tax to banks, credit card companies, or others.

Now, you must be pondering why people invest in cryptocurrency while it’s not legal in Pakistan. Let’s get the answer:

Tax on Cryptocurrency in Pakistan:

Not just in Pakistan, worldwide wherever you invest, buy, or sell anything, you have to pay some amount of tax to the government of that country. Same as that, on the sell, purchase of cryptocurrency price in Pakistan implements tax. And when it’s illegal, that means people buy it not to pay the tax. It means people invest in cryptocurrency to hide thier tax-evaded money.

Now here, another question raises how to buy cryptocurrency in Pakistan while it’s not legal?

So friends, when there is a problem, people start to find a solution. So as of that, several platforms are operating in Pakistan that allow people to invest in buying cryptocurrencies. The biggest cryptocurrency platform in Pakistan is Binance. It is the most prominent and leading cryptocurrency exchange in Pakistan also worldwide. Another platform for a cryptocurrency exchange in Pakistan is Coinbase. The list is not over here, there are many more platforms, but these two are the most leading and trustworthy platforms. Also check affiliate marketing websites in Pakistan.

You must hear a few of the words like exchange, coin, and wallet. However, most people think these are meant to be the same. But in reality, these all are different from each other. Let’s find out and clear the difference between these similar pitch words in the cryptocurrency market.

Difference between Exchange, Coin, and Wallet with Example:

Exchange:Coin:Wallet:
If you are one of those who are looking to buy any of the cryptocurrencies, then you need to use an online cryptocurrency exchange in Pakistan. It works similarly to a stockbroker. They provide you tools to sell or purchase cryptocurrencies like Bitcoin, Dogecoin, Ethereum, etc. All an investor expects from these platforms are low fees and solid security. And platforms like Binance, Coinbase, and KuCoin offer these features. To measure a value of a currency, you need to have a medium. In the crypto market, we have that medium in the form of crypto coins.   A coin is called a unit of cryptocurrency. In this, the crypto coin measures the worth of any digital currency according to its market value.Wallet in crypto is used to store your private keys. It is basically a password that allows you to access cryptocurrencies. These wallets come in different forms, including hard and soft. Hardware form comes as like Ledger – removable wallet like a USB stick. And software form is a mobile app like Coin base wallet.   It doesn’t store your cryptocurrency in it. It will be holdings live on the blockchain. But to get access, you need to use a private key. This private key will work as a wallet and allow you to perform any transaction. It justifies that this digital currency belongs to you or you are the owner of it.   Note: If you forget or lose your private key, you will lose all your money. Never share that key with anyone. It can be stolen. 
Example: To buy anything, we visit a shop, market, store, or supermarket. To give money and purchase the required item. Same as that, to buy a digital currency, we went to a cryptocurrency exchange.Example: Every day, we hear the news that dollars to Rs. value are increased or decreased. Same as that in the crypto market, the value of each digital currency’s coin increases or decreases.Example: We use a purse or locker to save our money in it not to be stolen or lost. And we keep it as safe as we can. Same as that, crypto wallets secure our crypto coins.

Now let’s have an eye on the type of cryptocurrencies and cryptocurrency rate in Pakistan.

Types of Cryptocurrencies and their Rates in Pakistan:

There are more than 7000 cryptocurrencies in the world. However, Bitcoin is the most leading cryptocurrency in Pakistan as well as all over the world. All of them have different specifications, functions, and prices. We have mentioned some of the most leading cryptocurrencies in Pakistan. Have a look!

  • Bitcoin
  • Ethereum
  • Binance Coin
  • Solana
  • Cardano
  • XRP\Ripple
  • AVAX\Avalanche
  • Dogecoin
  • Litecoin
  • DOT\Polkadot

These are the top cryptocurrencies that are massively purchased and sold in Pakistan by several investors. Recently, in 2021 the cryptocurrency rate in Pakistan grows so fast. The Bitcoin demand and prices get as high as possible. Crypto influencers have predicted that the value of bitcoin is expected to hit six figures at the start of January 2022. Below we have written ongoing cryptocurrency prices in Pakistan.

Cryptocurrencies Price Table:

Currency NamePrice in USDPrice in PKRMarket Cap
Bitcoin$56,827.43Rs. 9,887,484.10$1,074,383.06M
Ethereum$4,138.85Rs. 720,124.31$490,855.61M
Binance Coin$561.40Rs. 97,678.77$93,758.92M
Solana$201.99Rs. 35,144.52$61,636.47M
Cardano$1.81Rs. 314.92$60,296.97M
XRP\Ripple$1.05Rs. 260.99$49,516.92M
AVAX\Avalanche$107.17Rs. 18,646.66$23,649.96M
Dogecoin$0.22Rs. 38.28$29,740.83M
Litecoin$211.00Rs. 36,712.19$14,560.23M
DOT\Polkadot$39.83Rs. 6,930.08$39,285.90M

Note: Above mentioned prices may vary according to the crypto market.

There is no doubt in saying cryptocurrency will take over the future. In the coming years, these digital currencies will play a massive role in the economy of any country. In Pakistan, the trading of bitcoin and other currencies is still going on. People know the risks of investing still they are investing because they know crypto is the future.

We hope this article will be useful for you if you are at the start of your crypto career.

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