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Wednesday, July 17, 2024

Pakistan is third in global crypto adoption rates

One of the countries throughout the world to have shown some remarkable progress in regards to adopting cryptocurrency and embracing it in a way unlike many others is Pakistan. The Asian country is one that would have to be considered rather surprising, especially given its history and strong resistance to change that can be felt.


Pakistan is a nation that is known notoriously around the world for being regularly impeded when it comes down to implementing new things as they continue to suffer from unprecedented bans that take place. However, that stance appears to have changed recently as it has caught the bug that many get when it comes to adopting cryptocurrency. In fact, the country has been revealed to be the third-most friendly in a recent report to have been conducted by Chainalysis. The report found Pakistan to be behind Vietnam and India, however concluded that it was above Ukraine, Kenya and even powerhouses such as the United States.


What are the reasons that could explain high levels of crypto adoption in Pakistan?


Although the global cryptocurrency market is becoming rather globalized at an incredible pace, there are specific reasons why individual countries might see their own adoption rates be greater (or lower) than others in the world. Indeed, there are a number of different reasons why so many in Pakistan may have decided to embrace virtual currency.


One of the biggest examples that many will look to is the online gambling industry, as many players have turned to using crypto slots online as they are able to enjoy a better user experience and one that is far safer than the options that are currently presented to them. The market is not regulated, meaning there are no specific rules that can provide bettors with the protection they deserve. This has subsequently forced punters to find new alternatives and crypto provides them with what they require. Added protection, greater security, better and fairer gaming opportunities as well as the opportunity to use a method of payment that is not centralized or linked to a commodity that can have an influence on the price.


Of course, this is not the only reason for the strong adoption of crypto within Pakistan, though, with Waqar Zaka likely to have had an influential impact. An influencer and media personality, Zaka used his platform to get relief for his country, rather than to try and benefit himself. The reality show host decided to publicly promote Bitcoins by talking about a social media platform called Bit Landers, which helped to expose crypto to a wider audience.


Additionally, Zaka’s influence and the success he had with crypto had exploded around the world when he managed to attract global recognition for saving refugees from Burmese and Syrian war zones whilst assisting them with earning an income via cryptocurrency. His impact continued to be felt when he became one of the first Pakistanis to speak at the Blockchain Economic Forum, which is one of the biggest events based on crypto and blockchain to be held in San Francisco. He also highlighted Pakistan’s need to optimize social media for crypto promotions and initial coin offerings, whilst he was also recognised at the Blockchain Innovation Conference in 2018 for his efforts in utilizing crypto mining to help refugees.


Using his worldwide recognition at home, he urged the Government of Pakistan to embrace Bitcoin on its balance sheet when the token was only worth $250. However, his attempts were futile but this will have been down to the fact that the currency was facing a ban at the time.


Zakar continued to work hard


Zakar did not leave things when he came up against resistance and took a number of different approaches to convince the country to embrace it, such as fighting the courts. In December 2020, his dreams started to become a reality as the Court passed an order prohibiting authorities from arresting Bitcoin holders unless they engage in illegal activities, such as money laundering.


After convincing the KPK Government to allow him to develop a hydro-power based ETH Mining farm in the northern areas of the country, Zaka managed to set up one of the biggest crypto mining farms in South Asia.


Due to his unwavering efforts and influence on those in the country, Pakistani traders are now listed on large cryptocurrency exchanges. Whilst most of them are based outside of Pakistan, though, he recently approached the court to get an order against unregulated international websites.