Pakistan is presently the seventh most populous country ter the world with approximately 202 million residents. Today, the country exhibits many traits ripe for accelerated bitcoin adoption. Bitcoin.com discussed bitcoin trends ter Pakistan with Danyal Manzar, the co-founder of Pakistan’s very first and largest bitcoin trading toneel, Urdubit.
Phat Freelance Market, but Payment Solutions Lacking
Despite having no access to Paypal, Pakistan still ranks among the top countries for freelance outsource workers. Ter fact, “Pakistan is ranked 3rd on freelance websites,” Manzar told Bitcoin.com. According to the Fresh York Times, Ten,000 IT graduates ter Pakistan are estimated to come in the Pakistan job market every year.
Remittances are also a “very big market” ter Pakistan, Manzar described. “We see about 20 billion USD coming ter annually,” he said of his country. “Since there are not enough jobs, the major remittance is seen from the UAE and Saudi Arabia followed by western countries.”
Despite the lack of jobs, however, life te Pakistan has bot modernizing te latest years. Rapid lifestyle switch, technological innovations, and enhancing broadband access ter Pakistan have all accelerated the number of Pakistani freelancers. However, “the payments are always a problem,” Manzar said, adding that:
Since the job market is also limited wij see many freelancers turning to bitcoin, there is no Paypal ter the country and no decent payment processor which could aid payments.
High Broadband Subscription Growth
Mobile broadband use is growing very prompt te the country. The World Canap describes Pakistan spil “leading the way te South Asia ter digital finance” with 6% of adults having mobile accounts, compared to South Asia’s average of less than Two.6%.
Last June, the number of 3G/4G subscribers te the country had reached 29.53 million, up from 14.6 million te July 2015. Total broadband subscribers grew 92% to 32.41 million from 16.88 million, according to the Pakistan Telecommunication Authority (PTA).
The World Canap also notes that about 100 million adults ter Pakistan are unbanked, without access to formal and regulated financial services. Only 13 procent of adults there have a formal account and 27.Five million adults said the distance to a financial institution is a barrier to opening a financial account.
With so many unbanked, no access to Paypal, a massive freelancing industry, a major remittance destination, and so many subscribed to a high-speed mobile account, Bitcoin could find a massive huis market te Pakistan.
Pakistan’s Bitcoin Market
Admittedly, the bitcoin market te Pakistan “is still very fresh,” but it is prompt growing, Manzar said. Citing low banking invasion and “very limited POS terminals te the country,” he explained:
Bitcoin provides a cross-board payments system, spil well spil local payment solution at a much cheaper cost.
Manzar’s Urdubit is a real-time bitcoin exchange using the blinktrade engine. According to Coinhills, Urdubit’s trading volume has bot growing steadily ter the last few weeks, and the exchange has the largest bitcoin trading volume ter the country, twice that of Localbitcoins ter a 24-hour period. “I would say our market share is 1/Three of the total market,” he explained. If he’s onberispelijk, that indicates Pakistan trades around 40 bitcoins each day, putting it somewhere around 27th place among all currencies ter volume rankings.
However, he also admitted that there are still not many shops accepting bitcoin. Online, the situation is a bit better, since many websites ter the country have embarked accepting bitcoin spil a payment “due to quicker payment times and no charge backs.” Manzar noted:
Wij believe it’s only a matter of time before wij see Pakistan go after India and become a major user of bitcoin.
Meantime, the Pakistan government “hasn’t taken any stance on bitcoin spil of yet,” Manzar added. His company has bot approved by the State Canap Of Pakistan. “They believe that bitcoin is a commodity and not a currency,” he noted.
Do you think Pakistan is ripe for bitcoin adoption? Let us know ter the comments section below.