Pakistan’s Struggling Economy Could Force Citizens Into Bitcoin & Crypto Markets
Pakistan is one of several countries who stood against the likes of cryptocurrencies this year. This forced Pakistan’s cryptocurrency exchange, Urdubit, right out of the market. Nonetheless, many of its citizens did not stop using their holdings and this was noted by LocalBitcoins’ report.
The report showed that of its weekly volume, at least 57 people in Pakistan have been either purchasing or selling their crypto holdings.
Forbes has recently shared the possible victory of Pakistan Tehreek-e-Insaf (PTO) party and how Imran Khan will more or less become the next prime minister. As for his first efforts taking on the job, Khan will be directing his full attention on Pakistan’s struggling economy.
The same was mentioned by Capital Economics’ Senior Asia Economist, Gareth Leather who voiced that which every party becomes triumphant during the elections, the economy is something that will be focused on.
This was first shared with Market Watch, where Leather explicitly stated that the winning party,
“will take over an economy on the brink of a balance of payment crisis. Growth is likely slow sharply regardless of who wins Wednesday’s election.”
The crisis is too deep that the country might be forced to once again discuss with the International Monetary Fund (IMF) for an aid.
The Founder of Pakistan’s premier crypto, Pakcoin, Abu Shaheer said that the circumstances are so severe that people are turning to cryptocurrencies and bitcoin as a mean to secure their money’s store of value.
He added that the participation is,
“slower than the western world as the literacy rate is lower here and it’s a totally new phenomenon for them”.
Those who are currently invested in the crypto sphere have at least day trading experience, as per the Shaheer.
Do you think that the reliance on cryptocurrencies can help Pakistan restore its economy?