Unban Bitcoin in pakistan - page 2. | Bitcointalksearch.org

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Quote from: nagoarif on May 06, 2021, 02:50:36 AM

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

It depends.

If Pakistan has a large number of potential crypto buyers, the price of bitcoin will skyrocket because the vast majority of them will buy it. Countries that are decriminalizing or legalizing the use of cryptocurrency may influence other countries, serving as a stepping stone for the global adoption of bitcoin.

Promoting cryptocurrencies has the potential to increase the number of cryptocurrency investors, which is a positive thing and a big benefit for us. Wink

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Quote from: Charles-Tim on May 06, 2021, 06:31:39 AM

Quote from: tranthidung on May 06, 2021, 04:56:12 AM

If there are effects, it would be local effects, in your nation first. Then, if your nation has a big role and effect, it will in turn affect the global market. I don't know much about your nation but it seems that your nation does not have big communities for Bitcoin & crypto.

It is not about local or international effect, Pakistan is not a country like USA or China that have the economic power, if cryptocurrencies is legalized in China today, the price of cryptocurrencies will increase just because of how China is, also if bitcoin is banned in USA today, the price of each coins will reduce.
...
I remembered when India legalized crypto, not long that South Korea also legalized it within the same week, but crypto prices were not affected positively at the time, which can be a sign that the citizens were even trading cryptocurrencies during the ban.

You are correct but still missing a point.

By saying about local or global effects, I implied about trading volume in local market. If locals feel safe with crpytocurrency trades, they will more actively buy, hold, trade crypto that all cause higher trading volume.

Local effects will only turn to be global effects if

That nation is big in crypto, such as China, the USA, Russia.
That nation is small but is a component of a bigger net-effects that are made by many other small nations.

Charts and my previous post represent my opinion that I don't believe any ban or allowance for crypto trading in Pakistan will create global effects.

Correlations are like these

Global effects ➔ Local effects
Local effects ? Global effects

Alucard1

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It would be good if there is a source on your post so we can also read about this thing, there are already a lot of fake articles and rumors always that we may see online, if this is true then it will affect the price of bitcoin, the bitcoin may rise a little bit. This is really good news for the people in Pakistan as they can now explore bitcoin without doubting that they can hunt by any authority, not only Pakistan people will benefit from it also the crypto community as well.

k@suy

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Quote from: nagoarif on May 06, 2021, 02:50:36 AM

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

It was definitely a charming news for crypto lovers from Pakistan coz to be honest it is much better to trade or invest in bitcoin without the fear of being caught by the government because it was against the law.
How BTC market will affect by this announcement of unbanning of Pakistan? Well I can't figure it out because for me this may give a positive feedback to to Bitcoin market and to the cryptomarket too, but let's see what it may affect though.

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Quote from: nagoarif on May 06, 2021, 02:50:36 AM

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

I'm happy the Pakistani government have seen the light of bitcoin. They have come to realise the numerous benefits bitcoin has to offer to the people and the government itself. Truth be told, they have no reason to ban it in the first place.
However, I do not think the unban is going to to affect the bitcoin market in anyway. There is really not much input coming from Pakistan in the bitcoin market. It has happened before. There was no significant effect when the Nigerian government unbanned bitcoin and made it usable for the people

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Quote from: Charles-Tim on May 06, 2021, 06:31:39 AM

Are Pakistanis still trading after the ban should be the question, if they are trading just like Nigeria are still trading crypto after the ban, the price may not really be affected immediately. Also with how the country is, I do not think if crypto are legalized in the country will result to any significant effect on bitcoin price.

Without taking a look at the data, absolutely. This has been proven time, and time again. Every single time a country bans Bitcoin, there is still a massive amounts of volume coming out of the country. Plus, we've seen several countries sort of boomerang back, and forth between banning it, and allowing it. Which suggests to me that as I previously stated; the countries that generally are banning it, are trying to censor their population, and that population is generally aware of that. I honestly thought, it would have an impact, but if anything China was speculated to be trading more than when it was banned.

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This is good news for the people of Pakistan. They can invest in bitcoin and become rich. The bitcoin market is increasingly expanding. But besides that it creates opportunities for criminals to function. Money laundering, black credit will flourish in this country. The Pakistani government will work hard to make bitcoin work.

Charles-Tim

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Quote from: tranthidung on May 06, 2021, 04:56:12 AM

If there are effects, it would be local effects, in your nation first. Then, if your nation has a big role and effect, it will in turn affect the global market. I don't know much about your nation but it seems that your nation does not have big communities for Bitcoin & crypto.

It is not about local or international effect, Pakistan is not a country like USA or China that have the economic power, if cryptocurrencies is legalized in China today, the price of cryptocurrencies will increase just because of how China is, also if bitcoin is banned in USA today, the price of each coins will reduce.

But in countries like Pakistan, what you need to know is about their interest in cryptocurrencies, also about the recent crypto trading volume in the country. Cryptocurrencies were banned in country like Nigeria, but no reduction in trading volume in the country, other countries do not even care, and crypto prices were not that affect at all.

Are Pakistanis still trading after the ban should be the question, if they are trading just like Nigeria are still trading crypto after the ban, the price may not really be affected immediately. Also with how the country is, I do not think if crypto are legalized in the country will result to any significant effect on bitcoin price.

I remembered when India legalized crypto, not long that South Korea also legalized it within the same week, but crypto prices were not affected positively at the time, which can be a sign that the citizens were even trading cryptocurrencies during the ban.

Newlifebtc

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Quote from: nagoarif on May 06, 2021, 02:50:36 AM

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

Both when is banned and when is not banned I believe it was still in use in that area ,because people go for pair to pair and transact, but when its unbannned you can buy through exchange platforms using your bank to finance it

tranthidung

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Quote from: nagoarif on May 06, 2021, 02:50:36 AM

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.

Congratulations to Pakistanis.

I'd like to know the reality of bitcoin usages in Pakistan when the Pakistani government banned Bitcoin & cryptocurrencies. Did Pakistanis still use Bitcoin and make Bitcoin transactions?

Quote

How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

If there are effects, it would be local effects, in your nation first. Then, if your nation has a big role and effect, it will in turn affect the global market. I don't know much about your nation but it seems that your nation does not have big communities for Bitcoin & crypto.

The whole market and the peer-to-peer market are different. Perhaps the past bans help Pakistan has a sixth position with total trading volume on Paxful and LocalsBitcoin.

Details

UsefulTulips.org
LocalBitcoins and Paxful Pakistani rupee (PKR) Combined Volume over years. From the spike on chart, it seems your government banned crypto circa 2018. Is it correct?

nagoarif

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Quote from: yazher on May 06, 2021, 04:08:48 AM

with the emerging of the crypto industry gain, scammers who take advantage of the current situation will emerge as well, so everyone should be careful when getting some promising offer.

100% fair said

nagoarif

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Quote from: Oshosondy on May 06, 2021, 04:03:17 AM

Quote from: nagoarif on May 06, 2021, 03:26:18 AM

I have found LocalBitcoins useful in that case. but, LocalBitcoins need a lot of verifications. Even National id card and Passport copies were compulsory to verify the account. Moreover, face and eye recognization was the most irritating step in the verification process.
When it asks us about verification the purpose of crypto dies here. How can a company ask us for getting a service that is decentralized?

If you are concerned about privacy, you can use bisq or hold hodl because they both are decentralized p2p exchanges but bsiq has more trading volume. Localcrypto is good but I will prefer binance if you want to easily buy crypto, no need to verify ID before making use of p2p on binance. Centralized platforms can be easy to use, but decentralized ones are better because of privacy, but not that centralized platforms are that dangerous, but you will need to move your coins from the centralized platform to noncustodial wallet after you have bought the coins because it is not good to leave crypto on custodial exchanges.

Well, I will try the platforms you have mentioned above. Thank you Oshosondy.

nagoarif

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Quote from: KryptoKings on May 06, 2021, 03:48:02 AM

Quote from: nagoarif on May 06, 2021, 02:50:36 AM

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

You mean trading of btc is ban or is holding and mining ban too. I read somewhere that one of Pakistan's provincial government going to start btc mining firm to strengthen its economy.
Now you say btc is banned. Btc can not be banned but government can only ban it's trading and mining. They don't have any way to find out holders if you keep it in your private wallet.

Yes, I'm talking about trading and mining. The news of setup a BTC mining firm in KPK a province of Pakistan is true. a blockchain enthusiast "WAQAR ZAKA" is behind this scene. The firm is working on a trial basis. The man waqar zaka is among the people who filed a case against the ban on crypto trading in the country.

yazher

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If the process followed by something like a hype that promotes the investment of cryptocurrency in the country, it will be a good thing for sure and this is a good opportunity for a local exchange to promote their business. If this is real, then they are now given the opportunity to invest in the current market. But with the emerging of the crypto industry gain, scammers who take advantage of the current situation will emerge as well, so everyone should be careful when getting some promising offer.

Oshosondy

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Quote from: nagoarif on May 06, 2021, 03:26:18 AM

I have found LocalBitcoins useful in that case. but, LocalBitcoins need a lot of verifications. Even National id card and Passport copies were compulsory to verify the account. Moreover, face and eye recognization was the most irritating step in the verification process.
When it asks us about verification the purpose of crypto dies here. How can a company ask us for getting a service that is decentralized?

If you are concerned about privacy, you can use bisq or hold hodl because they both are decentralized p2p exchanges but bsiq has more trading volume. Localcrypto is good but I will prefer binance if you want to easily buy crypto, no need to verify ID before making use of p2p on binance. Centralized platforms can be easy to use, but decentralized ones are better because of privacy, but not that centralized platforms are that dangerous, but you will need to move your coins from the centralized platform to noncustodial wallet after you have bought the coins because it is not good to leave crypto on custodial exchanges.

KryptoKings

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Quote from: nagoarif on May 06, 2021, 02:50:36 AM

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

You mean trading of btc is ban or is holding and mining ban too. I read somewhere that one of Pakistan's provincial government going to start btc mining firm to strengthen its economy.
Now you say btc is banned. Btc can not be banned but government can only ban it's trading and mining. They don't have any way to find out holders if you keep it in your private wallet.

nagoarif

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Quote from: Obito on May 06, 2021, 03:14:05 AM

I hope that this sources that you are talking about OP are some valide sources because I want to be sure that it will not become just a baseless rumor. I don't know how it affects the market but maybe it will increase the activity in it since there will be more people using cryptocurrency or it won't have any effect because even if there was a ban, the people are still finding ways to use it.

Not 100% sure about removing the ban. I'm talking about the news, but the sources are trusted and well-reputed.

nagoarif

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Quote from: Charles-Tim on May 06, 2021, 03:14:36 AM

there should be ways the citizens of the country can trade bitcoin or other cryptocurrencies, like p2p trading. I live in Nigeria, although it is our CBN that ban cryptocurrencies, but that does not stop us from trading, the crypto volume trading in Nigeria never declined after the CBN ban.

Cryptocurrencies would be used now in your country, even with the government that have now realized the need to unban it. Be safe while dealing with cryptocurrencies. With what I have checked about Pakistani crypto legalization, the country may legalize cryptocurrencies this year.

I have found LocalBitcoins useful in that case. but, LocalBitcoins need a lot of verifications. Even National id card and Passport copies were compulsory to verify the account. Moreover, face and eye recognization was the most irritating step in the verification process.
When it asks us about verification the purpose of crypto dies here. How can a company ask us for getting a service that is decentralized?

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Quote from: nagoarif on May 06, 2021, 02:50:36 AM

Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?

It's a question on how big is Pakistani as far as bitcoin market goes.

But if ever this is true though, it will be a win for our Pakistani crypto enthusiast. We all know that bitcoin is on a bull run right now, so the timing is perfect if they are going to ride the bandwagon.

So indeed this is a welcoming news and we do hope that it will have a big impact on the crypto market and push the price a little bit to $60k and then $100k at the end of the year.

Charles-Tim

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I do no think Pakistani government are strict against crypto ban, or lately not strict against crypto ban, there should be ways the citizens of the country can trade bitcoin or other cryptocurrencies, like p2p trading. I live in Nigeria, although it is our CBN that ban cryptocurrencies, but that does not stop us from trading, the crypto volume trading in Nigeria never declined after the CBN ban.

Cryptocurrencies would be used now in your country, even with the government that have now realized the need to unban it. Be safe while dealing with cryptocurrencies. With what I have checked about Pakistani crypto legalization, the country may legalize cryptocurrencies this year.

Quote from: https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

Cryptocurrencies including bitcoin are not officially regulated in Pakistan, however, it's not illegal or banned. As of 16 January 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.

Quote from: https://mobile.reuters.com/article/amp/idUSKBN2BA0KW

Both mining and trading in cryptocurrencies currently exists in a legal grey area in Pakistan, though, and federal authorities would have to provide a clear path towards legalizing the sector before it could be formally opened to investors.

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