Topic: Pakistan - page 1088. (Read 6146866 times)

Not a prank but this new government is becoming famous of taking "U-Turns" on most of their decisions. They are not sure what they need to do exactly 

They seriously need to implement block chain technology if we are to see any good progress for our country.

"It was just a prank, bro"

- SBP probably

They want people to forget that they initially banned bitcoin: https://www.dawn.com/news/1473310/state-bank-eyes-issuance-of-digital-currency-by-2025 . They are now pretending to be all innovative and accepting of new technology.

The federal government has decided to introduce the Electronic Money Institutions (EMIs) regulations today [Monday] for regulating digital currencies as part of its action plan pertaining to the Financial Action Task Force [FATF].

According to sources in the finance ministry, the regulations have been prepared in order to monitor and regulate digital currency in Pakistan.

In order to introduce regulations, a ceremony will be held at the Islamabad office of the State Bank of Pakistan today which the Federal Minister for Finance Asad Umar will attend as the chief guest while SBP governor Tariq Bajwa, finance secretary Yonus Dhaga and other officials will also be present.
“These regulations will help combating money laundering and terrorism financing while it will also help regulation of digital currency throughout the country,” said sources adding the FATF had warned of use of digital currency by terror organisations. The regulations have been prepared in light of the recommendations in FATF’s action plan.

Pakistan meets all FATF requirements

Through these regulations, digital or cryptocurrencies will be regularised as per standard rules and regulations for financial institutions. It has been admitted that virtual currencies may be used by criminals and terrorists.

Meanwhile, sources also said the FATF in its report had warned terrorists might use digital currencies as effective tools for money laundering of their funds. The report also admits cryptocurrency provides opportunities for illegal activities. Based on the observations, the FATF had warned against use of cryptocurrencies for illegal activities like terror financing, tax evasion and money laundering.

FATF in its recommendations had observed combating cryptocurrencies would pose as a challenge for future governments for which effective measures were needed.

Pakistan is now implementing on these recommendations and introducing the Electronic Money Regulations based on which EMIs will be issued licenses by the government. The government will also be authorised to suspend or cancel licenses of EMIs deviating from the set rules and regulations.

They want to regulate cryptocurrencies because its proving to be outside their control and because richer countries are accepting the tech. It's wishful thinking on their part that they'll be able to regulate it.

I wonder whether there are any other resident Pakistanis on this board? So far I haven't encountered any but according to bitnodes there a few bitcoin users in Pakistan and I know of at least one miner.

Anyway let's see if any show up  

If you are looking to safely buy or sell bitcoins in Pakistan check out localbitcoins.

It's not very much, only about 2%.


No, he's doing it because he doesn't want the involvement of any other trader in the conversion of BTC.

I heard this method of converting from bitcoin to local PKR first time.

Bitcoin ---> Skrill --> Jazz Cash

Can you tell me know the fee involved from Skrill to Jazz cash conversion ?

Is this cheaper than localbitcoins or is he doing it because he's not aware of localbitcoins?

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

Payoneer or bitwage are options for you: https://www.bitwage.com/for-individuals/

Edit: SEPA is euro area bank transfers. If they are willing to do bank transfers then why not international wires via SWIFT? Ask them about it. It is unreasonable of them to expect a Pakistani to take euro area transfers since you are obviously not in europe. Note SEPA is very cheap but SWIFT costs significant sums. SWIFT payments of less than a $1000 are not really practical. Expect to lose $40-60 in bank fees.

Thanks for both replies but company only paying SEPA or Card payment nothing else so I am afraid I am going to lost this amount.

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

So,

After reading all the comments here.

What is the safest way to convert our bitcoin payments in PKR.

@Abdussamad
@shahzadafzal
@everyone

Bitcoin to Skrill and Skrill to Jazz Cash works fine as well (I know someone personally who does this all the time). However, JazzCash does have some low limits, and you'll also have to verify your Skrill account.

I know of no such card. What sort of situation is this that you find yourself in? If you have bitcoin you can send it anywhere. You can sell on localbitcoins and receive money via bank, easypaisa, jazz cash etc. If you don't have bitcoin then try payoneer. It's a solution people use to get money from freelancing sites.