The Asian Development Bank reported that Pakistanis invested between 20-25 billion dollars in a cryptocurrency. The investment is also greater than the total of the foreign exchange reserves in Pakistan, held by both the State Bank of Pakistan ($14.5 billion) and the commercial banks ($5.5 billion).
According to the report, the greatest increase in investment in cryptocurrency experienced in 2023 when inflation stood at 38%. The Pakistani rupee deflated by 165 percent since 2017, and people have begun using crypto assets to preserve their money.
The cryptocurrency investment in Pakistan is on the rise even after the government banned the ownership of cryptos, their transactions, as well as trading in April 2023. In July 2023, the State Bank of Pakistan announced its intention to launch a digital currency of its own by 2025, although no specific information provided about the way it would become available to the general population.
ADB surveyed crypto awareness in Pakistan, and 3.9 percent of respondents indicated that they were aware of cryptocurrency, 14 percent said they partially knew, and 82.1 percent said they had no information. Of the known, 19.1 percent affirmed that they had traded crypto, 59 percent had not traded, and 12.3 percent had made one-off trading.
Even though data suggests low awareness, moreover very high level of crypto investment is going on in Pakistan. With more people becoming aware of digital currency, a further rise in crypto activities is projected.
Meanwhile, the Pakistan Crypto Council formed to work on digital currency and blockchain initiatives in the country.
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