Bitcoin Forum

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

Hard to say, the obvious answer would be any unban would benefit Bitcoin, but I'm not convinced. Previously, when Bitcoin has been banned by countries it had no real effect on Bitcoin being used in those countries. That's because its usually banned in countries which like to control their citizens, and therefore people rebel against the decision either, as they see Bitcoin as a way of freedom, at least financially.

It will likely have short term effects, but nothing long term.

Perhaps!

Agreed!
When bitcoin was banned there was no negative effect on it. How we can expect a positive effect of unban. However young generation will get the benefit of this act from the government.

I hope that this sources that you are talking about OP are some valide sources because I want to be sure that it will not become just a baseless rumor. I don't know how it affects the market but maybe it will increase the activity in it since there will be more people using cryptocurrency or it won't have any effect because even if there was a ban, the people are still finding ways to use it.

I do no think Pakistani government are strict against crypto ban, or lately not strict against crypto ban, there should be ways the citizens of the country can trade bitcoin or other cryptocurrencies, like p2p trading. I live in Nigeria, although it is our CBN that ban cryptocurrencies, but that does not stop us from trading, the crypto volume trading in Nigeria never declined after the CBN ban.

Cryptocurrencies would be used now in your country, even with the government that have now realized the need to unban it. Be safe while dealing with cryptocurrencies. With what I have checked about Pakistani crypto legalization, the country may legalize cryptocurrencies this year.

It's a question on how big is Pakistani as far as bitcoin market goes.

But if ever this is true though, it will be a win for our Pakistani crypto enthusiast. We all know that bitcoin is on a bull run right now, so the timing is perfect if they are going to ride the bandwagon.

So indeed this is a welcoming news and we do hope that it will have a big impact on the crypto market and push the price a little bit to $60k and then $100k at the end of the year.

I have found LocalBitcoins useful in that case. but, LocalBitcoins need a lot of verifications. Even National id card and Passport copies were compulsory to verify the account. Moreover, face and eye recognization was the most irritating step in the verification process.
When it asks us about verification the purpose of crypto dies here. How can a company ask us for getting a service that is decentralized?

Not 100% sure about removing the ban. I'm talking about the news, but the sources are trusted and well-reputed.

You mean trading of btc is ban or is holding and mining ban too. I read somewhere that one of Pakistan's provincial government going to start btc mining firm to strengthen its economy.
Now you say btc is banned. Btc can not be banned but government can only ban it's trading and mining. They don't have any way to find out holders if you keep it in your private wallet.

If you are concerned about privacy, you can use bisq or hold hodl because they both are decentralized p2p exchanges but bsiq has more trading volume. Localcrypto is good but I will prefer binance if you want to easily buy crypto, no need to verify ID before making use of p2p on binance. Centralized platforms can be easy to use, but decentralized ones are better because of privacy, but not that centralized platforms are that dangerous, but you will need to move your coins from the centralized platform to noncustodial wallet after you have bought the coins because it is not good to leave crypto on custodial exchanges.

If the process followed by something like a hype that promotes the investment of cryptocurrency in the country, it will be a good thing for sure and this is a good opportunity for a local exchange to promote their business. If this is real, then they are now given the opportunity to invest in the current market. But with the emerging of the crypto industry gain, scammers who take advantage of the current situation will emerge as well, so everyone should be careful when getting some promising offer.

Yes, I'm talking about trading and mining. The news of setup a BTC mining firm in KPK a province of Pakistan is true. a blockchain enthusiast "WAQAR ZAKA" is behind this scene. The firm is working on a trial basis. The man waqar zaka is among the people who filed a case against the ban on crypto trading in the country.

Well, I will try the platforms you have mentioned above. Thank you Oshosondy.

100% fair said

Congratulations to Pakistanis.

I'd like to know the reality of bitcoin usages in Pakistan when the Pakistani government banned Bitcoin & cryptocurrencies. Did Pakistanis still use Bitcoin and make Bitcoin transactions?

If there are effects, it would be local effects, in your nation first. Then, if your nation has a big role and effect, it will in turn affect the global market. I don't know much about your nation but it seems that your nation does not have big communities for Bitcoin & crypto.

The whole market and the peer-to-peer market are different. Perhaps the past bans help Pakistan has a sixth position with total trading volume on Paxful and LocalsBitcoin.

Details

• UsefulTulips.org (https://www.usefultulips.org/combined_Asia%20Pacific_Page.html)
• LocalBitcoins and Paxful Pakistani rupee (PKR) Combined Volume over years (https://www.usefultulips.org/combined_PKR_Page.html). From the spike on chart, it seems your government banned crypto circa 2018. Is it correct?

Both when is banned and when is not banned I believe it was still in use in that area ,because people go for pair to pair and transact, but when its unbannned you can buy through exchange platforms using your bank to finance it

It is not about local or international effect, Pakistan is not a country like USA or China that have the economic power, if cryptocurrencies is legalized in China today, the price of cryptocurrencies will increase just because of how China is, also if bitcoin is banned in USA today, the price of each coins will reduce.

But in countries like Pakistan, what you need to know is about their interest in cryptocurrencies, also about the recent crypto trading volume in the country. Cryptocurrencies were banned in country like Nigeria, but no reduction in trading volume in the country, other countries do not even care, and crypto prices were not that affect at all.

Are Pakistanis still trading after the ban should be the question, if they are trading just like Nigeria are still trading crypto after the ban, the price may not really be affected immediately. Also with how the country is, I do not think if crypto are legalized in the country will result to any significant effect on bitcoin price.

I remembered when India legalized crypto, not long that South Korea also legalized it within the same week, but crypto prices were not affected positively at the time, which can be a sign that the citizens were even trading cryptocurrencies during the ban.

This is good news for the people of Pakistan. They can invest in bitcoin and become rich. The bitcoin market is increasingly expanding. But besides that it creates opportunities for criminals to function. Money laundering, black credit will flourish in this country. The Pakistani government will work hard to make bitcoin work.

Without taking a look at the data, absolutely. This has been proven time, and time again. Every single time a country bans Bitcoin, there is still a massive amounts of volume coming out of the country. Plus, we've seen several countries sort of boomerang back, and forth between banning it, and allowing it. Which suggests to me that as I previously stated; the countries that generally are banning it, are trying to censor their population, and that population is generally aware of that. I honestly thought, it would have an impact, but if anything China was speculated to be trading more than when it was banned.

I'm happy the Pakistani government have seen the light of bitcoin. They have come to realise the numerous benefits bitcoin has to offer to the people and the government itself. Truth be told, they have no reason to ban it in the first place.
However, I do not think the unban is going to to affect the bitcoin market in anyway. There is really not much input coming from Pakistan in the bitcoin market. It has happened before. There was no significant effect when the Nigerian government unbanned bitcoin and made it usable for the people

It was definitely a charming news for crypto lovers from Pakistan coz to be honest it is much better to trade or invest in bitcoin without the fear of being caught by the government because it was against the law.
How BTC market will affect by this announcement of unbanning of Pakistan? Well I can't figure it out because for me this may give a positive feedback to to Bitcoin market and to the cryptomarket too, but let's see what it may affect though.

It would be good if there is a source on your post so we can also read about this thing, there are already a lot of fake articles and rumors always that we may see online, if this is true then it will affect the price of bitcoin, the bitcoin may rise a little bit. This is really good news for the people in Pakistan as they can now explore bitcoin without doubting that they can hunt by any authority, not only Pakistan people will benefit from it also the crypto community as well.

You are correct but still missing a point.

By saying about local or global effects, I implied about trading volume in local market. If locals feel safe with crpytocurrency trades, they will more actively buy, hold, trade crypto that all cause higher trading volume.

Local effects will only turn to be global effects if

• That nation is big in crypto, such as China, the USA, Russia.
• That nation is small but is a component of a bigger net-effects that are made by many other small nations.

Charts and my previous post represent my opinion that I don't believe any ban or allowance for crypto trading in Pakistan will create global effects.

---

Correlations are like these

• Global effects ➔ Local effects
• Local effects ? Global effects

It depends.

If Pakistan has a large number of potential crypto buyers, the price of bitcoin will skyrocket because the vast majority of them will buy it. Countries that are decriminalizing or legalizing the use of cryptocurrency may influence other countries, serving as a stepping stone for the global adoption of bitcoin.

Promoting cryptocurrencies has the potential to increase the number of cryptocurrency investors, which is a positive thing and a big benefit for us.  ;)

The government will never know who are those keep on transacting with the use of bitcoin.

They might have banned it and if there is another rumor that soon they will lift the ban, then it is much better if that's the news.

For local Pakistani residents this might be interesting news because the government is able to cancel the cryptocurrency ban, but for all crypto users, this will only be a discussion and will not affect market price movements

I think it is not a very correct decision for Pakistan to ban bitcoin. Some countries are biased towards bitcoin. and this, I am sure, upset the people living in that country. Some states are considering banning bitcoin and other cryptocurrencies due to events such as fraud. but such risks are things that can happen in all areas. states can enact regulations instead of prohibiting them. that would be a better decision.

It's a wonderful thing! The Pakisran government was rightly wrong to lift the Bitcoin ban in their country. It allows Pakistani citizens to invest in bitcoin. They can get rich quickly. People's lives here will be developed. Then the bitcoin market will expand. Bitcoin's value will hit new heights.

that's what it should be. The imposition of bans against crypto makes me angry. I do not understand why people are rich, the expansion of this market and the support of the state is not wanted so much. I am sure the people of Pakistan are very happy about this. this could mean new investors and new records in the crypt money market.

Bitcoin has been banned and unbans in several countries and there has been no negative effect since it is global and decentralized and one country cannot hold it to ransom. Until Government at all cadre quickly adapt and switchgear to digital form of payment, the drawback will be huge on any that is holding back. Digital currency is here to stay and to save the life from scrutinization

Is it true? Can you provide us the source of this information. If they really unban cryptocurrency, it is truly a good news for bitcoin community. Yet, this is not a big news since Pakistan is not a big country. But there might be whales using this news to manipulate the current market

Hopefully, the government will reconsider and unban it in their country. If they may see that bitcoin can also be at help in increasing the economic growth of their country and can also help their people to engage in such new technology that also benefits them.
 
  But then again, of course I believe each country has own beliefs and own jurisdiction about a particular thing. If majority of the government officials reconsider to unban it, there is a big chance that Pakistan will go back into trading activity.

Pakistanis will take it as BTC being legalized and will make more transactions related to BTC like p2p. The Chinese ban BTC for a long time yet we can see they are still buying BTC, it didn't stop them from investing in BTC. I think the government had seen that it only make the people interested instead and most likely they see more people engaged in it instead.

Maybe soon

if the unbanning didn't benefit the government themselves by any mean I doubt they really gonna unban it after all as you mentioned the news is still uncertain but if they truly do then it's really good.
Though after the ban I'm pretty sure the trading volume in there not gonna be that much which means it's not gonna affect bitcoin market that much, still a good start for the neighboring countries to follow as well.
If they can see the opportunity behind crypto they will surely unban it but sometimes lawmakers view clouded by other political interests.

Yes you are right

8) 8) 8)

I can see recently many governments are doing taking everything hard for bitcoiners sadly pakistan is one of them. But don't forget a few things.

- Any governments can suspend any exchange from local exchanges to bitcoin. But there are still people trading bitcoins in social networks such as telegram or even face to face methods and no government can make them stop. However, by doing so and suspending the official local exchanges there will be many scammers and frauds abusing this situation and this is the government's fault.

- Cryptocurrencies are progressing in all over the world and many countries are entering the market. While some other like pakistan will stay away from it. Obviously, they will feel regret soon because they are losing this golden opportunity.

- Considering the current interest in the market, banning cryptocurrencies will not make people to stop using it in long term and there will be many underground crypto deals in countries where bitcoin or crypto is not allowed.

There are so many small countries around the world where there no legal status of crypto currencies and i think Pakistan is one of them. It does not matter if they ban crypto, it would only create problem for their citizens. there will be no global impact of it on the overall bitcoin market. On the other hand, if china or US announce such ban, that may have an bad affect on bitcoin.

You are writing this post on May 06. Would you care to tell where the crypto is ban in Pakistan ? Stop spreading the fud.

I am from Pakistan and there is no ban in crypto in Pakistan. We are free to involve in crypto and trading. The legal status of bitcoin is unclear but Pakistan has started work on legalizing bitcoin and other cryptocurrencies (https://bitcointalk.org/index.php?topic=5289163.0) since last year.

Exactly you are right, it was never banned... actually there is a fine line between "ban" and no "official stance"... so currently there is no official stance on Bitcoin/Crypto currencies from State Bank of Pakistan.

And if you are talking about FIA (Federal Investigation Agency) they are after crypto currency only to put checks on "money laundering" or any criminal activates... if you stay out of these you are good here and that implies every where not only in Pakistan.

In reality as of April 10, 2021 Sate Bank of Pakistan is actually studying digital currency.

here are some more authentic sources

SBP studying digital currency, says Baqir (https://www.dawn.com/news/1617384)
State Bank never declared cryptocurrency illegal, SHC told (https://www.dawn.com/news/1596310)
The State Bank of Pakistan has not declared crypto currency illegal, a joint director of SBP told the Sindh High Court /url] (https://www.thenews.com.pk/print/760929-state-bank-did-not-declare-crypto-currency-illegal-shc-told)

Thanks for getting this cleared else unnecessary it would create a panic around users who are not much and just invested initially and would suddenly start to sell creating some panic situation in crypto market. Quite a few government are still in dilemma and working towards if we can give legal status then how it can be done and what could be the negative impact if any.