Economic Change in Pakistan Could Increase Cryptocurrency Usage

As former cricketer-turned-politician Imran Khan prepares to take charge of Pakistan’s economy, some believe Pakistan is on the brink of an economic crisis. This crisis may increase the use of cryptocurrency in Pakistan.

Increase in Bitcoin Trading

According to Forbes reporting, citing figures from cryptocurrency trading platform LocalBitcoins, Bitcoin trading volumes in Pakistan are beginning to creep up.

Cryptocurrency markets as a whole are seeing an upturn, so the improved figures for Pakistan could also be a result of this increased market confidence, as well as the impact of financial uncertainty in Pakistan.

Economy on the Brink of Crisis

If Inram Khan can form a successful coalition government he will shortly become Prime Minister of Pakistan after leading his party, Pakistan Tehreek-e-Insaf (PTI), to victory. Khan has yet to reveal his economic policies but has committed to improving the economic climate as well as fighting corruption in Pakistan. Khan may be facing an economy in increasing trouble.

Gareth Leather, the senior Asia economist at Capital Economics, told Market Watch:

“Whichever party wins Pakistan’s upcoming general election will take over an economy on the brink of a balance of payments crisis. Growth is likely to slow sharply regardless of who wins Wednesday’s election.”

More difficult to Access U.S Dollars

In a move to prevent foreign-exchange reserves in Pakistan flowing out of the country, Bloomberg reports indicate that Pakistan’s central bank is making it more difficult for citizens to access U.S dollars…

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