logologologologo
  • Home
  • Innovation
  • Industry
  • ESG
  • Policy
  • Podcast
  • About
  • Contact Us
  • Home
  • Innovation
  • Industry
  • ESG
  • Policy
  • Podcast
  • About
  • Contact Us
            No results See all results
            ✕
                      No results See all results
                      Digitalization and Jamhuriyat, the Solution to Elections?
                      July 2, 2023
                      Jazz Launches “Jazz Digital Academy” to Digitally Upskill Employees
                      July 13, 2023

                      What if Cryptocurrency was Legal in Pakistan?

                      Published by News Desk on July 3, 2023
                      Categories
                      • Industry
                      • Policy
                      Tags
                      • Cryptocurrency
                      • Foreign Investment
                      • Innovation
                      • Unbanked

                      Hey there! Have you ever wondered what would happen if cryptocurrency was legal in Pakistan? It’s a question that has been on the minds of many Pakistanis since the government imposed a ban on cryptocurrencies in 2018. In this article, we will explore what could have happened if cryptocurrency was legal in Pakistan.

                      What is cryptocurrency?

                      Before we dive into the consequences of legalizing cryptocurrency in Pakistan, let’s first understand what cryptocurrency is. Cryptocurrency is a digital or virtual currency that uses cryptography for security. It operates independently of a central bank and can be used for online transactions. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and Litecoin.

                      Why was cryptocurrency banned in Pakistan?

                      In April 2018, the State Bank of Pakistan (SBP) issued a circular instructing all banks and financial institutions to stop dealing in cryptocurrencies. The circular cited concerns over money laundering, terrorist financing, and other illegal activities. Since then, the use of cryptocurrencies has been illegal in Pakistan.

                      What if cryptocurrency was legal in Pakistan?

                      If cryptocurrency was legal in Pakistan, it could have a number of positive consequences for the country’s economy and its people. Let’s take a look at some of them:

                      Increased foreign investment

                      Legalizing cryptocurrency could attract foreign investment to Pakistan. Many investors are interested in cryptocurrencies and the technology behind them, and if Pakistan were to allow the use of cryptocurrencies, it could become an attractive destination for such investors. This could help boost the country’s economy and create jobs.A 2022 study by the Institute of Policy Studies (IPS) estimated that legalizing cryptocurrency in Pakistan could attract up to $5 billion in foreign investment over the next five years.

                      Easier international transactions

                      Cryptocurrencies can be used for international transactions without the need for intermediaries such as banks. This could make it easier for Pakistanis to send and receive money from overseas, as well as for businesses to carry out international transactions.

                      Empowering the unbanked

                      Pakistan has a large population of unbanked people who do not have access to traditional banking services. Cryptocurrencies could provide an alternative means for these people to carry out financial transactions, without the need for a bank account. This could help empower the unbanked and provide them with greater financial freedom.

                      Encouraging innovation

                      Legalizing cryptocurrency could encourage innovation in Pakistan’s tech industry. Blockchain technology, which underpins many cryptocurrencies, has the potential to revolutionize many industries, including finance, healthcare, and logistics. By allowing the use of cryptocurrencies, Pakistan could encourage the development of new and innovative blockchain-based solutions.

                      Boosting remittances

                      Pakistan is one of the largest recipients of remittances in the world, with millions of Pakistanis living and working overseas. Cryptocurrencies could provide a cheaper and faster way for Pakistanis to send money back home. This could help boost the country’s economy and improve the lives of millions of Pakistanis.

                      In conclusion, legalizing cryptocurrency in Pakistan could have a number of positive consequences for the country’s economy and its people. It could attract foreign investment, make international transactions easier, empower the unbanked, encourage innovation, and boost remittances. Of course, there are also potential risks associated with cryptocurrencies, such as money laundering and terrorist financing. However, with proper regulation and oversight, these risks can be mitigated. It’s time for Pakistan to consider legalizing cryptocurrencies and reaping the benefits they can bring.

                      Author

                      • News Desk

                      Share
                      2

                      Related posts

                      October 21, 2025

                      Telenor Introduces WhatsApp-Based SIM and Bundle Service


                      Read more
                      October 20, 2025

                      Pakistan Telecom Market Share & Revenue 2025


                      Read more
                      October 20, 2025

                      Pakistan and Russia Strengthen Media and Cultural Cooperation


                      Read more

                      Recent Post

                      • Telenor Introduces WhatsApp-Based SIM and Bundle Service
                        By Syeda Minahil Shah
                        Industry
                      • Pakistan Telecom Market Share & Revenue 2025
                        By Syeda Minahil Shah
                        Industry
                      • Pakistan and Russia Strengthen Media and Cultural Cooperation
                        By Shafaq Sheikh
                        Industry
                      dp-logo-black

                      Empowering Pakistan through digital innovation. At Digital Pakistan, we bring you insights, analysis, and the latest stories shaping tech, policy, and digital culture across the country.

                      © 2023 Digital Pakistan | All Rights Reserved

                      Quick Link

                      Home

                      Podcast

                      About Us

                      Contact

                      Categories

                      Innovation

                      Industry

                      ESG

                      Policy

                                No results See all results