Pakistan

[Indymoney]

Any one have information about bitcoin related debit card which is working in Pakistan I need this very urgently as have some payment stuck which I can withdraw through only card.

[shahzadafzal]

BTW that last link you included from the FMU site does not call bitcoin illegal either. It is carefully worded to mislead you. Saying something is not legal tender is not the same thing as saying it is illegal. Legal tender has a specific meaning which I suggest you lookup. FYI even dollars, euros etc. are not legal tender in Pakistan.

Actually all media and including FMU itself, are referring to the same circulars issued by Sate Bank in April 2018.

Yes I agree SOB is not a law maker, and if we are doing clean business (no money laundering involved) we are good to go. After all Bitcoin is suppose to be all online and anonymous and we can avoid disclosing our personal or physical presence as much as we can...

[Abdussamad]

Any one have information about bitcoin related debit card which is working in Pakistan I need this very urgently as have some payment stuck which I can withdraw through only card.

I know of no such card. What sort of situation is this that you find yourself in? If you have bitcoin you can send it anywhere. You can sell on localbitcoins and receive money via bank, easypaisa, jazz cash etc. If you don't have bitcoin then try payoneer. It's a solution people use to get money from freelancing sites.

Actually all media and including FMU itself, are referring to the same circulars issued by Sate Bank in April 2018.

Yes I agree SOB is not a law maker, and if we are doing clean business (no money laundering involved) we are good to go. After all Bitcoin is suppose to be all online and anonymous and we can avoid disclosing our personal or physical presence as much as we can...

The SBP is sowing FUD - fear, uncertainty and doubt because ATM they see this as the best way to deal with bitcoin. Apart from that the country has a history of banning new technologies so this just fits into the general backward mindedness of the people. At some point I do expect our law makers to legislate against bitcoin. It's guaranteed to happen because of our history. It's also guaranteed to be openly flouted like most laws in the country.

[Raja_MBZ]

Any one have information about bitcoin related debit card which is working in Pakistan I need this very urgently as have some payment stuck which I can withdraw through only card.

I know of no such card. What sort of situation is this that you find yourself in? If you have bitcoin you can send it anywhere. You can sell on localbitcoins and receive money via bank, easypaisa, jazz cash etc. If you don't have bitcoin then try payoneer. It's a solution people use to get money from freelancing sites.

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

[Indymoney]

Any one have information about bitcoin related debit card which is working in Pakistan I need this very urgently as have some payment stuck which I can withdraw through only card.

I know of no such card. What sort of situation is this that you find yourself in? If you have bitcoin you can send it anywhere. You can sell on localbitcoins and receive money via bank, easypaisa, jazz cash etc. If you don't have bitcoin then try payoneer. It's a solution people use to get money from freelancing sites.

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

Thanks for both replies but company only paying SEPA or Card payment nothing else so I am afraid I am going to lost this amount.

[lolxxxx]

So,

After reading all the comments here.

What is the safest way to convert our bitcoin payments in PKR.

@Abdussamad
@shahzadafzal
@everyone

[UmerIdrees]

So,

After reading all the comments here.

What is the safest way to convert our bitcoin payments in PKR.

@Abdussamad
@shahzadafzal
@everyone

For me local bitcoins is the best option to convert bitcoins into PKR. The escrow system works perfectly and i personally use this service without any issue after Urdubit was shut down.
The safest way can be any of your trusted person dealing in buying and selling bitcoins privately.

[Abdussamad]

Thanks for both replies but company only paying SEPA or Card payment nothing else so I am afraid I am going to lost this amount.

Payoneer or bitwage are options for you: https://www.bitwage.com/for-individuals/

Edit: SEPA is euro area bank transfers. If they are willing to do bank transfers then why not international wires via SWIFT? Ask them about it. It is unreasonable of them to expect a Pakistani to take euro area transfers since you are obviously not in europe. Note SEPA is very cheap but SWIFT costs significant sums. SWIFT payments of less than a $1000 are not really practical. Expect to lose $40-60 in bank fees.

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

Is this cheaper than localbitcoins or is he doing it because he's not aware of localbitcoins?

[Indymoney]

Thanks for both replies but company only paying SEPA or Card payment nothing else so I am afraid I am going to lost this amount.

Payoneer or bitwage are options for you: https://www.bitwage.com/for-individuals/

Edit: SEPA is euro area bank transfers. If they are willing to do bank transfers then why not international wires via SWIFT? Ask them about it. It is unreasonable of them to expect a Pakistani to take euro area transfers since you are obviously not in europe. Note SEPA is very cheap but SWIFT costs significant sums. SWIFT payments of less than a $1000 are not really practical. Expect to lose $40-60 in bank fees.

@Abdussamad thanks for quick and positive reply I am using Payoneer for some time they refuse to accept Financial services base company payment and bitwage is also not good enough for this right now only option any debit card which can accept payment on my behalf.

[UmerIdrees]

Any one have information about bitcoin related debit card which is working in Pakistan I need this very urgently as have some payment stuck which I can withdraw through only card.

I know of no such card. What sort of situation is this that you find yourself in? If you have bitcoin you can send it anywhere. You can sell on localbitcoins and receive money via bank, easypaisa, jazz cash etc. If you don't have bitcoin then try payoneer. It's a solution people use to get money from freelancing sites.

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

I heard this method of converting from bitcoin to local PKR first time.

Bitcoin ---> Skrill --> Jazz Cash

Can you tell me know the fee involved from Skrill to Jazz cash conversion ?

[Raja_MBZ]

Any one have information about bitcoin related debit card which is working in Pakistan I need this very urgently as have some payment stuck which I can withdraw through only card.

I know of no such card. What sort of situation is this that you find yourself in? If you have bitcoin you can send it anywhere. You can sell on localbitcoins and receive money via bank, easypaisa, jazz cash etc. If you don't have bitcoin then try payoneer. It's a solution people use to get money from freelancing sites.

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

I heard this method of converting from bitcoin to local PKR first time.

Bitcoin ---> Skrill --> Jazz Cash

Can you tell me know the fee involved from Skrill to Jazz cash conversion ?

It's not very much, only about 2%.

Is this cheaper than localbitcoins or is he doing it because he's not aware of localbitcoins?

No, he's doing it because he doesn't want the involvement of any other trader in the conversion of BTC.

[UmerIdrees]

Any one have information about bitcoin related debit card which is working in Pakistan I need this very urgently as have some payment stuck which I can withdraw through only card.

I know of no such card. What sort of situation is this that you find yourself in? If you have bitcoin you can send it anywhere. You can sell on localbitcoins and receive money via bank, easypaisa, jazz cash etc. If you don't have bitcoin then try payoneer. It's a solution people use to get money from freelancing sites.

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

I heard this method of converting from bitcoin to local PKR first time.

Bitcoin ---> Skrill --> Jazz Cash

Can you tell me know the fee involved from Skrill to Jazz cash conversion ?

It's not very much, only about 2%.

Is this cheaper than localbitcoins or is he doing it because he's not aware of localbitcoins?

No, he's doing it because he doesn't want the involvement of any other trader in the conversion of BTC.

Ok i will check it out this conversion of Bitcoin to PKR without any involvement of Bank accounts and traders. This is a good option in the current situation where Crypto is almost like Ban in Pakistan and we should be safe if we deal with bitcoins transactions.

[Indymoney]

Any one check Neteller to Mobicash please give update about process and fees because I am also waiting for this from any member how is this going thanks.

[Raja_MBZ]

Pakistan finance minister Asad Umar thinking of taking the right decision:

Umar given the all-clear to legalise bitcoin trade

https://fp.brecorder.com/2019/03/20190317455987/

[UmerIdrees]

Finally the wait is over. Bitcoin will be regularized soon in Pakistan. 

This is will a big milestone for us and our community. 

[Abdussamad]

They want to regulate cryptocurrencies because its proving to be outside their control and because richer countries are accepting the tech. It's wishful thinking on their part that they'll be able to regulate it.

[Iqra.s]

I wonder whether there are any other resident Pakistanis on this board? So far I haven't encountered any but according to bitnodes there a few bitcoin users in Pakistan and I know of at least one miner.

Anyway let's see if any show up  

If you are looking to safely buy or sell bitcoins in Pakistan check out localbitcoins.

Not in Paki but from Pakistan 

[UmerIdrees]

They want to regulate cryptocurrencies because its proving to be outside their control and because richer countries are accepting the tech. It's wishful thinking on their part that they'll be able to regulate it.

Well the thing is that when the bitcoin and crypto will be declared legal in Pakistan, people can do trading and other crypto related activities with ease and without any fear. Also with the passage of time, when people will know more about crypto currencies, they will be able to change their fate with the help of bitcoins.

[najeeb76]

when people will know more about crypto currencies, they will be able to change their fate with the help of bitcoins.

not every one can do it, it needs skill and patience to learn making fortune (changing fate in  plus not donwward )

[Raja_MBZ]

Govt introduces regulations for cryptocurrencies

The federal government has decided to introduce the Electronic Money Institutions (EMIs) regulations today [Monday] for regulating digital currencies as part of its action plan pertaining to the Financial Action Task Force [FATF].

According to sources in the finance ministry, the regulations have been prepared in order to monitor and regulate digital currency in Pakistan.

In order to introduce regulations, a ceremony will be held at the Islamabad office of the State Bank of Pakistan today which the Federal Minister for Finance Asad Umar will attend as the chief guest while SBP governor Tariq Bajwa, finance secretary Yonus Dhaga and other officials will also be present.
“These regulations will help combating money laundering and terrorism financing while it will also help regulation of digital currency throughout the country,” said sources adding the FATF had warned of use of digital currency by terror organisations. The regulations have been prepared in light of the recommendations in FATF’s action plan.

Pakistan meets all FATF requirements

Through these regulations, digital or cryptocurrencies will be regularised as per standard rules and regulations for financial institutions. It has been admitted that virtual currencies may be used by criminals and terrorists.

Meanwhile, sources also said the FATF in its report had warned terrorists might use digital currencies as effective tools for money laundering of their funds. The report also admits cryptocurrency provides opportunities for illegal activities. Based on the observations, the FATF had warned against use of cryptocurrencies for illegal activities like terror financing, tax evasion and money laundering.

FATF in its recommendations had observed combating cryptocurrencies would pose as a challenge for future governments for which effective measures were needed.

Pakistan is now implementing on these recommendations and introducing the Electronic Money Regulations based on which EMIs will be issued licenses by the government. The government will also be authorised to suspend or cancel licenses of EMIs deviating from the set rules and regulations.