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Pakistan moves to bring cryptocurrency boom into the open
- Friday | 16th July, 2021
ISLAMABAD (Reuters) – Once a week Ghulam Ahmed, 38, takes time out from his cryptocurrency consulting business to log into a WhatsApp group with hundreds of members eager to learn how to mine and trade cryptocurrency in Pakistan. Pakistan has seen a boom in trading and mining cryptocurrency, with interest proliferating in thousands of views of related videos on social media and transactions on online exchanges. Zaka, like Ahmed, had set up a cryptocurrency mining farm running on hydroelectric power. Online cryptocurrency exchanges, most based outside Pakistan, like Localbitcoins.com, have hundreds of Pakistani traders listed, some with thousands of transactions. Apps like Binance and Binomo, which track and trade cryptocurrency, have more downloads than some of the country’s largest banks’ apps, according to web analytics company SimilarWeb.
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