{"id":16657,"date":"2018-07-27T16:08:19","date_gmt":"2018-07-27T15:08:19","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=16657"},"modified":"2018-07-27T16:08:19","modified_gmt":"2018-07-27T15:08:19","slug":"cryptocurrency-becoming-popular-in-pakistan-due-to-mounting-economic-woes","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/cryptocurrency-becoming-popular-in-pakistan-due-to-mounting-economic-woes\/","title":{"rendered":"Cryptocurrency Becoming Popular in Pakistan Due to Mounting Economic Woes"},"content":{"rendered":"
Cryptocurrency is fast becoming a saving grace for Pakistanis due to the mounting economic woes in the country. This is despite the 2018 cryptocurrency ban which caused Urdubit, Pakistan\u2019s premier Bitcoin bourse to shut down its operations.<\/p>\n
With Pakistan\u2019s near economic crisis, it is becoming apparent that cryptocurrency trading is the way out. More people are beginning to seek alternative options like virtual currency, to secure the little money they have left. The Asian country had earlier in the year banned bank<\/a>s from dealing with Bitcoins and cryptocurrency in general. The country’s central bank has undertaken more stringent measures, increasing the red tape required to access forex.<\/p>\n All of these factors, with panic as a base motivator, have pushed residents towards Bitcoin this year. This enables them to hedge their what little wealth they have left against an economic situation that is fast spiraling out of control.Figures from P2P crypto trading platform, LocalBitcoins, shows that there are presently 57 Bitcoin traders in Pakistan.<\/p>\n Abu Shaheer, the founder of Pakistan-based cryptocurrency, Pakcoin, commented on the recent move by residents to gradually adopt the digital currency. He said<\/a>:<\/p>\n People are turning to cryptocurrency as an investment, but slower than the western world as the literacy rate is lower here and it\u2019s a totally new phenomenon for them. Some are using it as [an] alternative means of payments. Most people using cryptocurrencies are day or short-term traders finding investment opportunities in crypto and are growing in number<\/em>.<\/p><\/blockquote>\n