Pakistan’s Banking Institutions Discourage Use of Debit or Credit for Crypto Trading, Despite Growing Popularity
Pakistan’s Dawn newspaper has reported on the official warning issued by banks to their customers, cautioning against the use of debit or credit cards for cryptocurrency trading on April 30, 2023. Despite being accompanied by this formal advisory, the nation has seen a surge in crypto trading, with the annual trading volume for Pakistan-based wallets reaching $25 billion, up from $18 to 20 billion the previous year.
Zeeshan Ahmed, the country general manager at Rain Financial, a Gulf-based cryptocurrency trading platform, confirmed these figures and attributed the growing popularity of digital assets in Pakistan to the convenience they offered, coupled with the lack of a clear regulatory framework for cryptocurrencies in the country.
As the cryptocurrency market continues to grow and evolve globally, concerned regulatory bodies and financial institutions are struggling to keep up with the changing landscape. Despite such concerns, as demonstrated by the rising popularity of cryptocurrencies in Pakistan, it is evident that digital assets are here to stay.