The Lost Case - 🔊 Pakistan's Regulatory Authorities Unable To Impose Ban
Few weeks ago, State Bank of Pakistan issued a circular imposing a ban on Cryptocurrencies urging Banks and other financial institutions to stay away from trading, buying, selling, transferring or facilitating Cryptocurrencies and report any such transactions to Financial Monitoring Unit (FMU) as suspicious. The circular also mentioned Pakistan's first ever Crypto PakCoin - used for Mobile Top-ups and general use.
However, what's interesting is that the ban could not stop users from investing in Cryptocurrencies. The team of PakCoin confirms that ever since their name is mentioned in the circular their business has doubled actually. The Pakcoin CEO mockingly said, that it actually helped them gain visibility which otherwise would have been an uphill task in the country.
The ban not just doubled the business for PakCoin but also brought the highest liquidity to UrduBit (Country's first Bitcoin exchange), following two days the ban. Although, UrduBit shortly announced closure, but users were quick to buy Bitcoin before UrduBit could seize trading.
Sources suggest that, the buying/selling on the LocalBitcoins for PKR/BTC pair have picked up ever since. The volume exchanged is whooping $14 Million.
Pakistan stock market is one of the emerging markets in the world and often enjoys massive volume. If stats were to believe, a large number of stock traders started trading cryptocurrencies to try their luck. And I believe, that they will continue trading one way or the other. After all, what preventive measures the governments have?
Pakistan’s experience with cryptocurrencies offers just another example of how ineffective financial authorities can be when trying to fill a legal vacuum with prohibitive administrative measures. Blockchain is simply unstoppable. While DEX (Decentralized Exchanges) are proving to be just another Nail in the Coffin...
Let me know what your thoughts are, keep Cryptoying. 
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Thank you for reading
Hey @ghayas we really need to get our technological game correct in Pakistan at the moment and encourage these advancements
Good luck with that !
What always amazes me about your posts is the large value to the upvotes. I need to run in your circles. Lol
Good luck Pakistan.
Maybe you should try to clean that shithole of the country first
All things are going to ban in pakistan althou telegram is also ban, where any body stand up on table and loudly say some things what he want as our former prime miners @ghayas plz kantc kro jaani aap se kaam hay
Join us here: https://discord.gg/4h64RA8
Hi, im from Pakistan. I was worried about this. Can you tell me how to transfer the steem dollars to the Pakistani bank??
It's kinda of lengthy process. Drop me a message on Discord: https://discord.gg/4h64RA8
Ok thanks
Thank you for the post
They will be forced to legalise crypto assets soon.
Not a chance !
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Great article! I learned a lot of cognitive. You are interesting to describe everything, I hope to have a friendship with you to get more information.
Thank you Tatyana for stopping by. Welcome to the world of Steemit. This is where I do my dirty business; https://discord.gg/4h64RA8 xD
Come say hello and make some friends.