Unban Bitcoin in pakistan

[nagoarif]

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?

[Welsh]

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.

[nagoarif]

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

Perhaps!

[nagoarif]

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.

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.

[Obito]

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.

[Charles-Tim]

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.

Cryptocurrencies including bitcoin are not officially regulated in Pakistan, however, it's not illegal or banned. As of 16 January 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.

Both mining and trading in cryptocurrencies currently exists in a legal grey area in Pakistan, though, and federal authorities would have to provide a clear path towards legalizing the sector before it could be formally opened to investors.

[Yaunfitda]

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?

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.

[nagoarif]

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.
 

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?

[nagoarif]

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.

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

[KryptoKings]

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?

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.

[Oshosondy]

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?

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.

[yazher]

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.

[nagoarif]

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?

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.

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.

[nagoarif]

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?

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.

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

[nagoarif]

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.

100% fair said

[tranthidung]

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.

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?

How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

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
• LocalBitcoins and Paxful Pakistani rupee (PKR) Combined Volume over years. From the spike on chart, it seems your government banned crypto circa 2018. Is it correct?

[Newlifebtc]

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?

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

[Charles-Tim]

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.

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.

[quocsi]

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.

[Welsh]

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.

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.