Pakistan's cryptocurrency market expanded to $20 billion in 2021

An up-to-date analysis estimates Pakistan's cryptocurrency market expanded to $20 billion in 2021, more than the country's current government reserves, making it one of the country's best-performing asset classes.

In 2018, the central bank ruled that virtual currencies, such as Bitcoin, were not legal currencies. The State Bank of Pakistan does not recognize cryptocurrencies, but there has been an increase in interest in them. In 2020–21, the country ranked third in the Global Crypto Adoption Index, behind India and Vietnam. When it comes to crypto-related transactions, decentralized platforms are preferred by just 33% of Pakistani investors.

In the peer-to-peer approach, investors in cryptocurrencies transmit payments directly to sellers, while service providers act as middlemen and escrow agents to shield themselves from counterparty credit risk.

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