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Tag: Bitcoin

  • Bitcoin to Pak Rupee on December 26

    Bitcoin to Pak Rupee on December 26

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs8,860,110.25 on December 26, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs9,073,722.24 on December 25, 2021.

    The rate of Bitcoin in US Dollar (USD) is $49,747.95 on December 26, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate $50,947.35 on December 25, 2021.

    Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In case of trading it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

    Bitcoin to Pak Rupee on December 25
  • Bitcoin to Pak Rupee on December 25

    Bitcoin to Pak Rupee on December 25

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs9,073,722.24 on December 25, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs9,079,558.54 on December 24, 2021.

    The rate of Bitcoin in US Dollar (USD) is $50,947.35 on December 25, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate $50,965.81 on December 24, 2021.

    Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In case of trading it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

    Bitcoin to Pak Rupee on December 24
  • Bitcoin to Pak Rupee on December 24

    Bitcoin to Pak Rupee on December 24

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs 9,079,558.54 on December 24, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate on December 24, 2021.

    The rate of Bitcoin in US Dollar (USD) is $ 50,965.81 on December 24, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate on December 24, 2021.

    Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In case of trading it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is n not a recommendation buy, sell or hold any security or financial product.

  • Bitcoin not legal tender in Pakistan

    Bitcoin not legal tender in Pakistan

    Bitcoin and other crypto currencies are not recognized as legal tender in Pakistan. The SBP has advised the general public that Virtual Currencies/Coins/Tokens (like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc.) are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan.

    Further, Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/ Payment Service Providers (PSPs) have been advised not to facilitate their customers/account holders to transact in Virtual Currencies/ Initial Coin Offerings (ICOs) /Tokens vide BPRD’s Circular No. 03 of 2018.

    Virtual Currencies/Coins/Tokens provide high degree of anonymity and potentially can be used for facilitating illegal activities. Also due to the ambiguous nature of Virtual Currencies, no legal protection or recourse is available to any individual in the event of a loss incurred due to any or all of the following risks:

    a) High price volatility as investments tied to Virtual Currencies are highly unstable and are primarily based on speculations;

    b) Failure/closure of Virtual Currency exchanges/businesses due to any reason including action by law enforcement agencies; and

    c) Hacking/security compromises of crypto currency exchanges and wallet businesses as a number of instances have been recorded around the world where huge amount of funds have been lost due to the exchange/wallet operations being hacked/compromised.

    Further, Fraudsters are also offering pyramid style investment schemes and coins and promising high returns (similar to Ponzi schemes) to the general public in Pakistan. This can cause significant loss to the General Public.

    General Public is advised that domestic and international payment and money transfer services in Pakistan are regulated by SBP under the applicable laws. In this regard, no entity is currently licensed or authorized by SBP to offer money remittance services and products in Pakistan using Virtual Currencies/ Coins/Tokens. Persons using Virtual Currencies/ Coins/Tokens for the purpose of transferring value outside Pakistan are subject to prosecution as per the applicable laws.

    In view of the above, the General Public in their own interest is advised to be cautious of and refrain from indulging in activities relating to mining, trading, exchanging, transferring value, promoting and investing of Virtual Currencies/Coins/Tokens to avoid any potential financial loss and legal implications.

  • Bitcoin recovers after yesterday’s crash

    Bitcoin recovers after yesterday’s crash

    KARACHI: Bitcoin has recovered on Wednesday after witnessed a decline below $30,000 a day earlier.

    The bitcoin on Wednesday bounced back above $34,000 mark to trade as high as $34,367 in early morning trading. It last changed hands at $33,641.27, up 3 per cent on the day, according to CNBC.com

    Smaller rivals also surged, with ether rising 6 per cent to $2,014 and XRP up 9 per cent at a price of 64 cents. The reason for the moves higher was not clear, but cryptocurrencies are known for their volatility.

    Bitcoin had a solid start to the year, rallying to an all-time high of almost $65,000 ahead of crypto exchange Coinbase’s blockbuster debut and as institutional investors appeared to be warming to it.

    But the world’s biggest digital coin has been on a roller-coaster ride since, almost halving in value amid a slew of negative news.

    In China, authorities have been clamping down on bitcoin mining, the power-intensive process for validating transactions and generating new bitcoins. Over the weekend, Beijing’s crackdown on crypto mining extended to the hydropower-rich Sichuan province.

  • Bitcoin plunges below $30,000; other cryptocurrencies mirror crash

    Bitcoin plunges below $30,000; other cryptocurrencies mirror crash

    LONDON: Bitcoin on Tuesday plunged below $30,000 after a crackdown launched by Chinese central bank.

    Bitcoin made around 50 per cent losses since it hit an all time high in April this year.

    The cryptocurrency has suffered several price falls in recent days, having traded above $40,000 just one week ago.

    The world’s largest cryptocurrency dropped to $28,600, its lowest since early January, after giving up gains made during Asian hours. Its fall also pressured smaller coins such as ether.

    Bitcoin tumbled 11 per cent on Monday, its largest one-day drop in over a month, with losses of nearly 30 per cent in the last week alone almost wiping out gains for the year-to-date. It was last down 2.3 per cent at $30,896.

    The sell-off was sparked by the People’s Bank of China urging China’s largest banks and payment firms to crack down harder on cryptocurrency trading, the latest tightening of restrictions on the sector by Beijing.

    Crypto exchanges were effectively pushed out of China by a 2017 rule change, but over-the-counter platforms based overseas have sprung up to receive payment from people based in China and buying cryptocurrencies on their behalf.

    Independent.co.uk reported that several other leading cryptocurrencies have mirrored bitcoin’s latest crash, including Ethereum (ether), Cardano (ada) and dogecoin.

    The market-wide crash took the overall market cap of all cryptocurrencies combined below $1.2 trillion for the first time since February. Half a trillion dollars has been wiped from the market in the last seven days alone.