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Tag: cryptocurrencies

  • 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
  • Dogecoin to Pak Rupee on December 25, 2021

    Dogecoin to Pak Rupee on December 25, 2021

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs 33.28 on December 25, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs32.26 on December 24, 2021.

    The rate of Dogecoin in US Dollar (USD) is $ 0.19 on December 25, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.18 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.

    Dogecoin to Pak Rupee on December 24, 2021
  • Ripple to Pak Rupee on December 25, 2021

    Ripple to Pak Rupee on December 25, 2021

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs163.57 on December 25, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate Rs173.48 on December 24, 2021.

    The rate of Ripple in US Dollar (USD) is $0.92 on December 25, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate $0.98 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.

    Ripple to Pak Rupee on December 24, 2021
  • 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
  • Cryptocurrency, best performing assets in Pakistan

    Cryptocurrency, best performing assets in Pakistan

    Amongst major asset classes used by local investors, Cryptocurrency and Property remained the best performing asset class in Pakistan in 2021, said analysts at Topline Securities.

    On the other hand, Pakistan equities underperformed all other asset classes in 2021 posting a return of 1 per cent with 6 trading sessions left. This remained much lower than equity historical 30-year CAGR of 14 per cent.

    Cryptocurrency which is not currently officially recognized by Pakistan but used by many local investors, saw huge gains in 2021. Cryptocurrency thrived during the pandemic on the back of retail investor influx, huge leverage availability, and low transaction cost. The widely followed Cryptocurrency Bitcoin has rallied by 87 per cent in  2021 in PKR terms. 

    Pakistan property market also remained a star performer gaining 23 per cent per plot price index. This was led by a series of incentives announced by the federal government and central bank (SBP) to support the construction sector.

    Moreover, amnesty Scheme, low taxes, ability to park undocumented wealth, and opportunity for oversees Pakistanis to invest in housing through Roshan Digital Account (RDA) led to strong interest in Property sector in 2021.

    Pakistan’s weak external account situation and rising interest rates led to lower interest in equities which despite posting decent returns in 1H2021 is likely to close flat in 2021. KSE-100 index peaked in 1H2021 at 48,726 index level on Jun 14, 2021 and since then it is down 9 per cent due to concerns on Pakistan macros.

    Due to the pressures on external account situation of the country, Pak rupee also depreciated by 11 per cent against US$. Thus, holders of US$ made decent returns while holder of Naya Pakistan US$ Certificate (Roshan Digital) also made 18 per cent in PKR terms. Gold also posted gains of 10 per cent in PKR in 2021 as investors continue to see Gold as a safe heaven under uncertain economic outlook.

    Fixed income returns were lower compared to other asset classes due to rising yields. Average yields on 1-year T-Bill stood at 8.3 per cent, 1-year Special Saving Certificate stood at 8.6 per cent whereas average rate on 10-year PIB stood at 10.4 per cent.

    FPCCI suggests regulating cryptocurrencies in Pakistan
  • Dogecoin to Pak Rupee on December 24, 2021

    Dogecoin to Pak Rupee on December 24, 2021

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs 32.26 on December 24, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate on December 24, 2021.

    The rate of Dogecoin in US Dollar (USD) is $ 0.18 on December 24, 2021 in open exchange market. The rate of Dogecoin 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.

    Ripple to Pak Rupee on December 24, 2021
  • Ripple to Pak Rupee on December 24, 2021

    Ripple to Pak Rupee on December 24, 2021

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs 173.48 on December 24, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate on December 24, 2021.

    The rate of Ripple in US Dollar (USD) is $ 0.98 on December 24, 2021 in open exchange market. The rate of Ripple 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 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.