Digital currency ban stands ineffective in Pakistan

Cryptocurrency is getting popular in Pakistan as well and the digital currency ban in Pakistan has not been successful so far. At the moment the State Bank of Pakistan has not allowed the financial firms and commercial banks to deal in virtual currency. This is why things are getting a bit harder for the local exchanges.

However, the individual traders have not allowed the ban to dampen their spirits. They are finding out different ways through which they can sell or buy the digital currency. At the moment the authorities have not been able to come up with effective measures to stop the virtual currency niche from expansion.

The virtual currency structure is still a bit unstable in Pakistan and the regulations need to be defined so that this niche gains the much needed acceptance in Pakistan. Apparently, it seems that the State Bank of Pakistan is following the footsteps of the Reserve Bank of India that issued a circular for banning the digital currency trades and investments.

At the moment nothing can be said for sure regarding the effectiveness of this digital currency ban in Pakistan. However, this ban has effected some of the local exchanges in a negative way. Urdubit that claims to be one of the first digital currency trading platform had to be shut down in haste due to this prohibition and this is a bit disappointing for the digital currency enthusiasts.

There are chances that some of the digital currency investors may continue with their investments but this can turn out to be a risky venture because this norm is not currently accepted in Pakistan.

The greater possibility is that the digital currency investors will not give up on their trading activities and there is a special reason behind it. The volume of crypto trading has picked up recently since the digital currency investors discovered alternative methods. This is why this is going to be an encouraging factor for many of the digital traders out there.

The strange part is that investor interest in digital currency investments has increased since the bank so it seems that the ban has backfired and more people are eager to make digital currency investments.

One thing is quite clear from the current scenario and that is the digital currency investments will never become history and will continue to steal the limelight for a long time to come in Pakistan. Till then it will be viable to wait and watch the current scenario.

2018-05-19T08:28:24+00:00