Economic Problems Pushing Pakistan Towards Cryptocurrencies | CoinDelite.com News

Due to the growing economic problems in Pakistan, an increasing number of people are moving towards cryptocurrencies as a saving grace. Notably, Pakistan had banned cryptocurrencies in early 2018. This resulted in the shutdown of Urdubit.

Since the economy is down, more people are seeking alternative options such as trading in virtual currencies as a viable solution. This is a desperate attempt for the people to save their investments. The Central bank has taken strict measures to curb the use of cryptocurrencies. If the citizens require access to forex, they need an increased red tape to do so.

A lot of people have been pushed towards Bitcoin with panic being the motivator towards the decision.

“People are turning to cryptocurrency as an investment; but slower than the Western world as the literacy rate is lower here and it’s a totally new phenomenon for them. Some are using it as an alternative means of payments. Most people using cryptocurrencies are day or short-term traders finding investment opportunities in crypto and are growing in number.” – Abu Shaheer, Founder, Pakcoin

The situation in Pakistan is similar to Iran where residents are incredibly relying on Bitcoin and other cryptocurrencies. Iran has been facing increased adversities thanks to the increased economic sanctions imposed on the country by the United States.

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