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Author Topic: does ecommerce website take bitcoin payments in Pakistan  (Read 47 times)
jeeumer
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October 02, 2020, 08:42:17 PM
Merited by hugeblack (2)
 #1

hi guys i have a question i am a regular shopper of https://beardiesarelife.com/, https://daraz.pk and many more but i was curious that why pakistani ecommerce websites are not taking money i bitcoin . why ?
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LordShanken
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October 02, 2020, 11:32:40 PM
Merited by hugeblack (2)
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hi guys i have a question i am a regular shopper of https://beardiesarelife.com/, https://daraz.pk and many more but i was curious that why pakistani ecommerce websites are not taking money i bitcoin . why ?

Quote from Wikipedia:

Quote
As of 7 April 2018, State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan.[13] For organizations and institutions it is banned by State Bank of Pakistan. Bank will not get involved if there is any dispute. They will not facilitate any transaction for it. The bank has issued an official notice on its website and has also posted the news on its official Twitter account.
Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#South_Asia

In short, the government of Pakistan, for reasons known only to them, decided that cryptocurrencies are illegal.

There may be many reasons why they did so, but unfortunately nothing can be done about it. You just have to wait for Bitcoin to become so mainstream that they will have no choice but to change their minds and follow technological development.
Let's hope it will happen soon.

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October 03, 2020, 04:26:23 AM
 #3

There is no reason preventing websites from adopting cryptocurrencies, but there are many problems regarding their acceptance in local stores as the central bank will not stand with you if any problem occurs and therefore you may encounter some legal problems (and there may be a penalty because its coins is prohibited)
Another reason is that the price of Bitcoin is extremely volatile, and therefore it is difficult to use it to buy everyday products, and the transfer fees may seem very high.
Finally, I don't think there is a high demand for cryptocurrencies.

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sunsilk
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October 03, 2020, 06:47:12 AM
 #4

but i was curious that why pakistani ecommerce websites are not taking money i bitcoin . why ?
It isn't only Pakistani e-com websites are like that. Worldwide, you'll see countless e-com websites that are not accepting bitcoin payments and there are a few possible reasons why they're like that.

But as quoted by LordShanken, there's a possibility that e-com owners are aware of that law and they don't want to intervene or cause any problems with their business.





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October 03, 2020, 05:46:41 PM
 #5

No need to explain more than what LordShanken shared where there is an absolute ban on Bitcoin in Pakistan. Of course, people are still using it, direct p2p and all that but the ban announcement from their central bank actually says the state won't get involved in any disputes arising from the use of Bitcoin between companies and organizations...

Basically, I know Pakistanis using Bitcoin and accepting it. No enforcement. But yeah, be dumb to advertise on your business website that you accept it!

There is no threat of fines or jail even. The circular to banks reads:

"In view of the foregoing, all Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/Payment Service Providers (PSPs) are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in Virtual Currencies/Tokens. Further, banks/DFIs/Microfinance Banks and PSOs/PSPs will not facilitate their customers/account holders to transact in VCs/ICO Tokens. Any transaction in this regard shall immediately be reported to Financial Monitoring Unit (FMU) as a suspicious transaction."

This piece of news about a local judge challenging the ban came a couple of days ago too.

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