In Pakistan, this year all banks are prohibited to work not only with Bitcoin, but other crypto-currencies, which triggered the closing of the first Pakistani Urdubit crypto currency exchange.
Despite the ban, Pakistanis continue to invest in crypto currencies due to fear of approaching crisis in the country. Trading transactions on the platform LocalBitcoins today are 57 Pakistani traders, according to Forbes.
The difficult economic situation in the country forces people to get rid of funds in Pakistani rupees and to look for alternatives.
This year alone, there were a few depreciation of the rupee against the dollar, which has depleted the stock of foreign currency in the Treasury. Analysts say that without further financial aid from the International monetary Fund, the country will not get out of the crisis.
The hard policy of the authorities and attempt to protect themselves from inflation
However, the country has introduced strict rules on the purchase of foreign currency and the Central Bank of Pakistan has increased the number of bureaucratic requirements for access to the us dollar.
Such actions of the Iranian government forced the people of this country to invest their funds in Bitcoin, so their money was not affected by the financial instability in the country. The same situation was and Pakistanis.
Abu Shahir, the Creator of the cryptocurrency Pakcoin Pakistani, said that people are forced to use cryptocurrency for investment, but it is much slower than in Western countries, because the educational level of the population in the country remains low enough for the majority of the population is totally new and strange phenomenon. Only some Pakistanis use the cryptocurrency as an alternative payment method, most of us still see them as investment opportunities to protect their money from the crisis.
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Tags: Pakcoin Urdubit