Crypto News In Pakistan – People’s Exchange and one of the top 5 global cryptocurrency exchanges, has released the results of our latest study revealing key insights and opportunities in the Pakistani cryptocurrency market in 2023. The results of the study titled Into the Cryptoverse: Understanding Pakistani Crypto are presented to investors 2023. A look at the current state of the cryptocurrency market and investor attitudes towards cryptocurrencies in the country.
This is the 10th report published in the “Into the Cryptoverse” series, starting in 2022. The latest report shows the growing acceptance and interest in this asset among cryptocurrency investors in Pakistan.
Crypto News In Pakistan
Pakistan ranks 6th in the global cryptocurrency adoption index for 2022, compiled by Chainalytic, and the results of the latest study further strengthen the country’s potential as a dynamically developing cryptocurrency market. Here are some detailed insights from our research into the cryptocurrency market in Pakistan.
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500 adult cryptocurrency investors aged 18 to 60 participated in the survey, and the highlighted results are based on their contributions. The study was conducted on May 5–12, 2023.
In the survey, 17% of internet users aged 18-60 identified themselves as cryptocurrency investors. This group includes users who own or have held crypto assets in the last six months.
Generation Y (ages 26-39) and Generation Z (ages 18-25) represent the largest group of cryptocurrency investors in Pakistan, accounting for 47% and 35% of respondents, respectively. In terms of the economic environment, 66% of investors have an annual household income of less than PKR 5 million.
Interestingly, 30% of respondents started investing in cryptocurrencies in the last three months, which indicates a growing interest in this asset class. The timeline coincides with the depreciation of the Pakistani rupee against the US dollar, which recently lost as much as 20% of its value against the US dollar.
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About 36% of respondents entered the cryptocurrency market by making their first transaction last year. Only a small group, 15%, have been investing in the cryptocurrency market for over three years.
Most cryptocurrency investments by Pakistanis are low to moderate in nature, with 40% of respondents investing up to Rs. 30,000 (about $100) in the market. 48% of Generation Z participants invested this amount in the cryptocurrency market.
This may reflect a cautious attitude towards cryptocurrencies among Pakistani investors. This may also be due to the limited availability of financial resources to invest in crypto assets.
On the other hand, 39% of 30,000 gen and Rs 300,000 in the cryptocurrency market. Meanwhile, 32% of Gen Y investors have invested more than Rs. 300,000 (approximately $1,000) in the cryptocurrency market, which indicates an interest in allocating more financial resources to cryptocurrencies in your portfolio.
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Most Pakistani investors (69%) are optimistic about the future prospects of cryptocurrencies. Important reasons motivating investors in the cryptocurrency market among survey participants include the belief that cryptocurrencies will play a more important role in the future (69%), increasing the convenience of transactions (49%) and accumulating wealth in the long run. Support function (44%) and be a store of value protecting against depreciation (33%).
Other reasons cited as motivating factors for investing in cryptocurrencies include avoiding missing out on a popular trend (30%), getting rich overnight (23%), diversifying investment risk (22%), and because they think cryptocurrencies are cool (14 %).
Not surprisingly, trading is the most common reason why Pakistani consumers invest in cryptocurrencies, as indicated by 46% of respondents across all age groups. However, participants also believe in the long-term potential of cryptocurrencies as an investment opportunity, with 30% believing in HODLing cryptocurrencies and leveraging their crypto assets for income-generating programs and staking activities.
29% of surveyed investors also highlighted the use of cryptocurrencies as an effective way to conduct P2P and cross-border transactions. There is also a growing interest in using cryptocurrencies to purchase non-fungible tokens (NFTs) among 22% of respondents. However, Pakistani cryptocurrency investors have shown relatively little interest in using cryptocurrencies as a payment method for purchasing luxury and everyday goods.
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Other interesting use cases for cryptocurrencies among investors in Pakistan include crypto gift cards and the use of cryptocurrencies for gifting purposes. Nearly 10% of surveyed investors indicated that they receive or pay salaries using cryptocurrencies.
As part of the report, influential players in Pakistan’s cryptocurrency market also provided valuable insights on key findings from the Cryptoverse study and overall trends among Pakistani cryptocurrency investors.
Note: The above information represents the personal opinion of the persons concerned and does not in any way reflect their position.
Ultimately, the entire international cryptocurrency community is committed to advancing our understanding of Pakistan’s cryptocurrency landscape while promoting transparency, collaboration and innovation. Conducting thorough research enriches the collective understanding of the industry and plays a key role in shaping the future of digital currencies. This, in turn, enables people to actively engage with the ever-evolving financial ecosystem.
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Launched in September 2017, it is a global cryptocurrency exchange with operational headquarters in the Seychelles. As a user-centric platform with a focus on inclusion and community action, it offers over 700 digital assets. It offers spot trading, margin trading, P2P fiat trading, futures trading, betting and lending to its 27 million users in 207 countries and territories.
In 2022, the pre-series Round B raised over $150 million, bringing the total investment to $170 million, and Round A brought the total valuation to $10 billion. Currently one of the top 5 cryptocurrency exchanges according to CoinMarketCap. Forbes also named it one of the best cryptocurrency exchanges in 2023. In 2022, The Ascent named it the best cryptocurrency app for enthusiasts.
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In a speech to the Senate Standing Committee on Finance and Revenue on May 16, Pasha explained the country’s prospects. It was also said that the ban on the use of cryptocurrencies is a requirement of the Financial Action Task Force (FATF). Pakistan was then removed from the FATF gray list in October.
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LAWS: Pakistan bans #crypto and says country will never legalize it — Watcher.Guru (@WatcherGuru) May 18, 2023
In a significant development, Pakistan will ban cryptocurrencies and say there will be no plans to legalize it. Moreover, the country’s Finance Minister himself talked about the development of the situation in a recent conversation with officials.
Moreover, this claim was supported by other officials. These include State Bank of Pakistan (SBP) director Sohail Jawad. Additionally, last year, digital asset banking was mentioned as a requirement to remove the country from the FATF gray list.
In particular, the gray list includes countries that do not have measures to combat money laundering and terrorist financing but have considered ways to address these shortcomings. Reports further indicate that the SBP and the Ministry of Information and Technology are drafting regulations regarding the ban.
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As expected, the Pakistani cryptocurrency community reacted with disapproval. Many have called on the government to shift focus from the ban on digital assets to more urgent cybersecurity measures. Moreover, while the FATF cannot impose sanctions on countries that refuse to comply, it can clearly influence governments to take action.
Pakistan is currently in talks on a rescue package with the International Monetary Fund (IMF). Especially in the conditions of economic crisis in the country. Subsequently, a favorable FATF report may become a political focus for the country. Especially when he tries to deal with his own dilemma.
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