How to Buy Cryptocurrency in Pakistan

Buying cryptocurrency in Pakistan

Buying cryptocurrency in PakistanWhile some firms have hinted at greater acceptance of virtual currencies, Pakistan seems to be trailing behind. Due to the pandemic and citizens making cashless payments, cryptocurrencies have become significantly more popular. In more recent years, Pakistan has made progress in digitalization, but it still remains one step behind when it comes to cryptocurrencies. Virtual currencies arenít deemed legal tender in Pakistan. Whatís more, the State Bank of Pakistan has banned all financial institutions from processing, trading, holding, using and transferring value, as well as promoting and investing in virtual currencies or tokens. While it is legal to have cryptocurrency in the country, the ban on banking operations makes other actions increasingly difficult. Many fear that if Pakistan doesnít approve cryptocurrencies on time, confusion will leave people susceptible to frauds. Another issue is the fact that most of its citizens belong to an unbanked population that prefers making cash transactions.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Pakistan. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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