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FUTURE OF CRYPTOCURRENCY
IN PAKISTAN

Is awareness and usage of cryptocurrencies growing in your country?

Nowadays cryptocurrency is considered as one of the safest and trusted digital currency in the world. Everyone wants to trade in the safest way possible in this era where hackers, frauds, scams and looters are in abundance. Cryptocurrency is the low-cost means of transaction with no third party involved, assuring safety and privacy.
With passage of time, the awareness and use of cryptocurrency is Pakistan is increasing. We are daily finding new members who are involved in crypto and specially in steemit. There was a time some few months back, that we did not even have a 40-50 members bunch but now we are growing in numbers.

One needs to require basic knowledge of digital currency and digital gadgets in order to perform transactions or utilize cryptocurrency.

What is the attitude of government to cryptocurrencies in your country?

In April 2018 cryptocurrency was banned in Pakistan by the powerhouse of banks, State Bank of Pakistan. A circular was issued regarding the ban on digital currency and tokens , with forbidding of any transactions( processing , holding , transferring , trading , investing or promoting )and financial services with cryptocurrency in the sector of finance, banking , micro finance companies , fintech operations and payment processors.
The ban was ensured to reduce perceived levels of crimes such as money laundering and terrorist financing in Pakistan. This is the attitude continued by the government so far but let's hope for the best. It would definitely be un-banned :)

Are laws and regulations being introduced to help or hinder the growth of cryptocurrencies?

The protests are on their way to unban cryptocurrency and i am sure there are going to be certain laws, rules and regulations to be formed as i am quite sure that it would definitely be un banned. However The avocation gave by the SBP to its definitive move to take away the freedom of the cryptographic money market in Pakistan is that computerized monetary standards are not lawful delicate in the nation and no substance has been approved or authorized for the issuance, deal, buy, trade or interest in digital currencies or tokens. Extensive dangers to purchasers were additionally referred to and recorded as:
High instability in cost, basically determined by hypothesis.
The danger of misfortune presented by the disappointment or conclusion by controllers of cryptographic money trades.

Do you have a positive or negative outlook for the future of cryptocurrencies?

Nowadays or for some more days back, i have been crypto-addict. I had left studies, i had put aside everything and gave me everything to cryptocurrency and this platform. In our country we have some social workers who are putting efforts for the growth of Cryptocurrency in Pakistan. So i am very much positive and confident that cryptocurrency is going to have a very bright future.

The danger of misfortune presented by security penetrates of digital currency trades and wallets.
High occurrence of deceitful and Ponzi plans including digital forms of money offered to Pakistani purchasers.
Pakistani residents who endeavor to move assets outside of the nation through the exchange of cryptographic forms of money or digitals tokens were additionally cautioned they face indictment.

Do you think the global economy will change if cryptocurrency usage becomes commonplace in all countries?

Global economy would have a massive change if the usage of cryptocurrency becomes a commonplace in all countries.
When considered the fact in Pakistan, Cryptocurrency is associated with blockchain technology, blockchain can be used by the banks or other firms for data storing and secure transactions of data. If banks start to grip this technology or some of them are embracing it for the benefits of remittance so there is a chance that cryptocurrency may also be legal in Pakistan. The home remittance income originating from the commitments has increased more than 6 percent on the regions GDP, which is comparable to in excess of 50% of exchanged shortages. There is right now more than 85 percent of fares over that comprises of more than 33%, everything being equal, to the nation. This was by the State Bank of Pakistan

Which cryptocurrencies do you think will emerge as the most widely used in the future?

In my opinion, Bitcoin, Tron and Ethereum are going to be the rise n shine currencies in the future. Their graphs have seen major inclined and i believe that these currencies are ones to be invested in the future.

Conclusion:

As the blockchain technology can boost the speed and efficiency of transactions nationwide and globally. Blockchain is not specific for finance but it can be used for medical or science fields too, this will help not only the companies to store data but also their users can always stay associated with the firms and their data. This is a really challenging task to convert Pakistani system to this modern technology but once the step are taken for this new venture it will help to flourish Pakistani Economy with a high boom in the GDP. The blockchain technology seems to be taking up speed in Pakistan, however the country is not as focused on cryptocurrencies as of yet.

Special Mentions to:
@cryptokannon
@steemcurator01
@steemcurator02

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Thankyou for reading :)
Yours, @haidermehdi
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