Pakistanis Own Crypto Assets Worth $20 Billion

[AZMwi]

@313ghazi wdy think bro
I don't doubt the figures because it's given by independent crypto houses, so they have no incentive in it
This whole thing is confusing if you think about it
My dot connection is black economy, underground economy with minority being genuine "investment"

i reckon they r talking about whole assets not the initial investment. in crypto u can get multimillionaire even billionaire by investing a few thousand dollars. that has happened. a coin named SHIBA INU was launched in august 2020 and someone invested 8000 dollars in it. today his wallet is worth 5.2 billion dollars. another person from USA invested 1000 dollars in dogecoin and within a year made 60 millions from it just by holding it.

 

[313ghazi]

@313ghazi wdy think bro
I don't doubt the figures because it's given by independent crypto houses, so they have no incentive in it
This whole thing is confusing if you think about it
My dot connection is black economy, underground economy with minority being genuine "investment"

Honestly, i don't know all that much about the world of crypto. @blueazure is our resident expert.

 

[blueazure]

Honestly, i don't know all that much about the world of crypto. @blueazure is our resident expert.

glad to answer any question

 

[313ghazi]

glad to answer any question

I have a few questions if you don't mind.

1. The news report says Pakistani people own $20 billion worth of crypto - do you think this is accurate.
2. People suggest a lot of this money is from money laundering and not genuine investors/traders. What is your opinion?
3. The govt seems to be making a right mess of regulating crypto, instead opting to try to make it difficult to trade crypto. What are your thoughts on the legal challenges facing the fledgling industry?
4. What do you think of Waqr Zaka? Is he genuinely trying to get crpto going, or just another big mouth influencer?

 

[RangeMaster]

Highly exaggerated...!

 

[JackTheRipper]

This is the backwards mentality of Pakistani govt and law and order. Rather than regulating, they're trying to ban. This is all being challeneged in the courts.

I use paypal and btc,
but i will not recommend btc, and etherium is even worst,
most of people will get btc for investment, and they will bank-crypt,
high up down value (even in a single day) , scam of exchanges, wallets scam companies even open source wallet will ruin you, high miner fees is also not recommended, if you want to pay 10 or 20$, you may have to pay 40 to 70$ miners fees

PayPal still seems better..

 

[El Sidd]

its illegal in pakistan (except KPK) because of FATF. fawad chowdhry made it clear recently that Pakistan cannot legalise it because of FATF. Binance, one of the biggest exchange already working in pakistan. people can withdraw money through easy paisa, jazz cash etc. and the exchanges can be compelled by the govt to share the financial data. its already happening in many european countries.

How do you compel a crypto exchange service?

 

[AZMwi]

How do you compel a crypto exchange service?

these crypto exchanges r eager to find new markets. also some of these exchanges get banned occasionally in USA and some european countries which is hampering their business. so these companies will do anything to find new markets. and unlike banking cartel the crypto exchanges r decentralized.

 

[El Sidd]

these crypto exchanges r eager to find new markets. also some of these exchanges get banned occasionally in USA and some european countries which is hampering their business. so these companies will do anything to find new markets. and unlike banking cartel the crypto exchanges r decentralized.

It's not as easy as you make it sound like.

 

[fisher1]

Backward thinking govt will take backward decisions

 

[TNT]

Its amazing to see many Pakistanis dont even know basics of block chain technology. We are begging for dollars but wont help grow crypto in the country. Ppl even here dont know how it works and everyone talking abt money laundering lolz as if money laundering is any difficult without crypto. China have the most crypto and earn the most from it. We can basically use flow of river to generate currency but we prefer to go to IMF and beg and get shafted.

 

[AZMwi]

It's not as easy as you make it sound like.

its for the govt to find out. crypto is a reality and here to stay. large corporations r adopting it as a means of payment. govt should step in and take advantage of it.

Its amazing to see many Pakistanis dont even know basics of block chain technology. We are begging for dollars but wont help grow crypto in the country. Ppl even here dont know how it works and everyone talking abt money laundering lolz as if money laundering is any difficult without crypto. China have the most crypto and earn the most from it. We can basically use flow of river to generate currency but we prefer to go to IMF and beg and get shafted.

thats exactly my point. crypto is a reality and if adopted it will end the dominance of dollar. no wonder the banking cartels and the federal reserve of USA r against it.

 

[blueazure]

I have a few questions if you don't mind.

1. The news report says Pakistani people own $20 billion worth of crypto - do you think this is accurate.
2. People suggest a lot of this money is from money laundering and not genuine investors/traders. What is your opinion?
3. The govt seems to be making a right mess of regulating crypto, instead opting to try to make it difficult to trade crypto. What are your thoughts on the legal challenges facing the fledgling industry?
4. What do you think of Waqr Zaka? Is he genuinely trying to get crpto going, or just another big mouth influencer?

1 .- i have seen young guys here in lahore with upto 100,000USD in their binance wallets . i know a guy who works as a front man for a politician sitting in govt , he showed me his crypto wallet , i could see 2000 ETHEREUM ( eq to almost 8 mil USD at current price @ 4000USD/ETH ) . and this is just lahore . i know some guys in DG khan, they sell/buy 5000-10000USD daily .

if you read chainalysis, ( a block chain monitoring tool) , pakistan ranks THIRD in crypto adoption

Global Crypto Adoption Up 880% in 2021 - Chainalysis

The 2021 Chainalysis Global Crypto Adoption Index shows global adoption increased over 880% with P2P platforms driving usage in emerging markets.

blog.chainalysis.com

20 bn USD makes sense


2. crypto is private money . period . u can do whatever you want , trade, stake , move funds, launder , anything is possible . its hard to say , im just a trader though, i use crypto to BUY US stocks via FTX

3 . regulations dont work on crypto. they cant technically , since crypto cannot be controlled and works entirely decentralized via p2p nodes ( like u.t.orrent) , what will they regulate ?

4. zaka waqar is introducing a lot of ppl to crypto . but he is blatantly selling the futures trading option at binance to the gullible ppl . they will lose badly on a massive liquidation soon

i personally have a neutral view on him, i dont follow him, i dont pay attention to him, there is far better content on crypto out there

 

[CrazyZ]

Pakistan is the first country in the world that has most of foreign reserves in Crypto....

 

[cloud4000]

With the way the Pakistan Rupee is losing its value against the dollar, Pakistani resorting to cryptocurrencies makes more sense. Eventually, cryptocurrencies will be more popular than FX and even commodities like gold.