Cryptocurrencies are on the rise all around the globe. While many countries are endorsing the use of cryptocurrencies, Pakistan is still behind in the race. It is worth mentioning that there are hundreds of cryptocurrencies trading across the globe. While Bitcoin (BTC) remains the top crypto, there are several others in the race gaining equal popularity. Elon Musk is a prominent figure in the world of crypto. His influence on the market has been highly crucial in setting the momentum of crypto prices. Following Musk, many other notable public figures have endorsed crypto. However, none of the influences have been powerful enough to bring Pakistan into the net. Why is #PakistanDemandsCrypto currently trending hot on Twitter? Let’s find out.
Waqar Zaka’s Petition
Not long ago, Waqar Zaka filed a petition in Sindh High Court in an effort to enable the use of cryptocurrencies in Pakistan. Following his petition, Waqar Zaka’s followers came forward in his support and took a stand in favor.
He recently tweeted addressing the Prime Minister of Pakistan Imran Khan with the hashtag #PakistanDemandsCrypto. Soon after, the hashtag started trending on Twitter. Hundreds of Twitter users tweeted using the same hashtag.
Sir @ImranKhanPTI team @TenupNation is ready to help Government in tracing illegal transactions in crypto to launching Pakistan's crypto platform, this is the only way youth can easily earn from home #pakistandemandscrypto
— Waqar Zaka (@ZakaWaqar) October 7, 2021
9.1 Million dollars are invested by Pakistanis into crypto and our funds are not secure as there is no regulated exchange, @ImranKhanPTI please ask @SECPakistan to allow Waqar Zaka to launch this exchange & @StateBank_Pak #pakistandemandscrypto
— Muzammil (@Muzammi22102484) October 7, 2021
Pakistani getting into MetaVerse just because Waqar Zaka launched @TenupNation if only @ImranKhanPTI listen to him, we get huge revenue , for details read this https://t.co/c1TilByXkg @YahooFinance @CNBC @CoinDesk @AajKamranKhan #PakistanDemandsCrypto
— Abdullah AfriDi (@AafriDi1515) October 7, 2021
— Daniyal Ahmed Baqai (@Daniyal20932943) October 7, 2021
Is Crypto Legal in Pakistan?
Currently, cryptocurrency is not officially endorsed or accepted by the state for any kind of trading. While this may be true, there are many citizens that are frequently trading cryptocurrencies while living in Pakistan. Crypto users including Waqar Zaka believe that the use of crypto can enable the youth of the country to earn money from their homes. In the ongoing economic crisis in the country, many young graduates are jobless. The saturation in the freelance market has also slowed down the financial growth of freelancers in the country.
There is a dire need for the government of Pakistan to throw some light on this issue.