Category Archive : Pakistan

Bitcoin to Pak Rupee on May 25, 2022

KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,057,592.81 on May 25, 2022 at 09:55 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,876,222.13 at closing on May 24, 2022.

The rate of Bitcoin in US Dollar (USD) is $30,145.56 on May 25, 2022 at 09:55 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $29,290.81 at closing on May 24, 2022.

Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the 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.

Read more at pkrevenue.com

Pakistanis trade $19bn/yr in crypto, mostly via unofficial channels

LAHORE: Pakistanis have been trading $18.60 billion in cryptocurrency annually with almost 20 million users, which results in the flight of around $8 billion from the country via unofficial channels.

Cryptocurrency trading was declared illegal in Pakistan. However, according to Chainalysis – a block chain data platform – the volume of trade in different crypto coins in Pakistan was around $18-20 billion in financial year 2020-21.

As of October 2021, analyst estimates place the actual trading volume of cryptocurrency in Pakistan at $18.6 billion, seemingly offshored and currently residing in crypto-exchanges operating outside of Pakistan.

This was revealed in a discussion organised by Rain Financial Inc on Tuesday to sensitise the media about the dire need of regulating cryptocurrency trading in the country.

Rain Financial Inc Country GM Pakistan Zeeshan Ahmed along with Senior Marketing Manager Sheryar Khalid disclosed that this volume might be higher than the estimated 40 percent, and probably leaves the country via unofficial channels since the sector was not legally documented.

Pakistan was in dire need of foreign exchange, but was still losing around $8 billion via crypto trading, Zeeshan said, adding that “if the sector is regulated, the government can put checks on these transactions and route it from legal channels.”

The undocumented sector makes Pakistanis vulnerable to fraud while trading in cryptocurrencies and assets.

A regulated exchange would require Pakistanis to deposit cash into Pakistani bank accounts in order to be able to buy or sell crypto assets. Without regulations, exchanges do not report and/or deduct taxes on gains made on the exchange to the Federal Board of Revenue (FBR) or State Bank of Pakistan (SBP) per rules and regulations resulting in immeasurable losses to the exchequer.

Zeeshan mentioned that Rain held a round of meetings and discussions with the government institutions including SBP, FBR, Securities and Exchange Commission…

Read more at www.thenews.com.pk

Marhaba: Muhammad Salman Anjum and Ahmed Yousif welcome the world to Dubai

The BSV Global Blockchain Convention finally kicked off in Dubai, the first time it’s been held in the Middle East, and two of the BSV ecosystem’s leaders in the region took to the stage to welcome the world to Dubai.

First on stage was Muhammad Salman Anjum, the Head of the BSV Hub and the Chief Mate at InvoiceMate, an invoice management system built on Bitcoin SV. As the head of the hub, Anjum is charged with leading BSV activities in South Asia and MENA, two regions that account for a third of the global population, which is “a lot of responsibility,” he pointed out.

While the MENA and South Asia regions are vast, Anjum noted that his job of fostering BSV adoption is quite easy as most countries are very focused on digital transformation. The Kingdom of Saudi Arabia and the UAE lead the way with blockchain adoption, but many other countries such as Bahrain and Qatar are coming up as well.

 

Being based in Dubai, UAE, has especially been advantageous for the Hub, Anjum noted, since “what they [UAE] have done for the blockchain ecosystem in the last five years, there is no match to it.”

At the Hub, Anjum is trying to achieve two main things—ecosystem partnerships and adoption.

With the former, he’s targeting academia to do more research projects on blockchain, association partnerships, partnerships with the governments and regulators since “we’re pro-regulations,” and teaming up with developers so they can build on Bitcoin SV.

The BSV Hub’s efforts have been greatly rewarded. Most recently, it collaborated with the government of the emirate of Ras Al-Khaimah, which was to culminate in a blockchain conference on May 22, the first blockchain event in the emirate. However, due to the death of the UAE President Sheikh Khalifa bin Zayed Al Nahyan two weeks ago, the event was postponed.

The Hub has also partnered with several other public and private entities, including the UAE’s Ministry of HR and Emiratization, Ministry of Energy,…

Read more at coingeek.com

Federal Reserve Survey Finds 12% of U.S. Adults Held Crypto Last Year

Nearly one in eight U.S. adults owned crypto during 2021, according to a survey from the Federal Reserve on May 23.

In the central bank’s Economic Well-Being Of U.S. Households in 2021 report, the Fed found that 12% of the 11,000 U.S. adults surveyed held cryptocurrency last year.

About 92% of the Americans held crypto to speculate on its price. Last year, the combined market cap of crypto assets surged from $763B to $2.9T in November, before crashing to about $1.3T in 2022. 

Just 2% of U.S. adults – or a sixth of those who held digital assets – used crypto to buy things. And only 1% used crypto to send money to friends and family. 

Of those who used crypto to pay for goods and services, 13% did not have a bank account – more than double the population’s average of 6%. About 27% didn’t have any retirement savings.

The Fed also found that poorer Americans are more likely to pay for things in crypto. Those who held it for investment purposes were disproportionately wealthy, with 46% having six-figure incomes, and a further 25% earning between $50,000 and $100,000.

Banking status of cryptocurrency users. Source: Federal Reserve.

The report marks the first time the Fed has surveyed Americans about crypto adoption.

Chainalysis noted a surge in cryptocurrency adoption last year. In its 2021 Global Crypto Adoption Index report, the blockchain intelligence firm estimated crypto digital asset usage increased 880% worldwide last year. 

Chainalysis ranked the U.S. eighth overall for adoption. Vietnam topped the list, followed by India, Pakistan, Ukraine, Kenya, Nigeria, and Venezuela. Chainalysis said that the fall in U.S. peer-to-peer exchange volumes amid the “institutionalization of cryptocurrency trading” knocked the nation down the rankings. 

Read more at thedefiant.io

Engineering Student Held for Fake Rs 2000 Currency Note Scam in Ahmedabad, Used Money to Invest in Bitcoin

In the case of counterfeit currency notes of Rs 2,000 in Ahmedabad, the crime branch has arrested an engineering student from Porbandar, and has so far recovered 98 of such bills. The fake currency notes were printed to lure young men of a commission to buy mobile phones and gold. By selling these items, the money would be invested in bitcoin.

Some students, who were involved in the scam, used mobile apps to order counterfeit notes delivered by couriers or online porters. The Ahmedabad Crime Branch is still looking for the mastermind behind the scam.

The Ahmedabad Crime Branch has put Dilip Keshwala in custody. Around 56 fake notes of Rs 2,000 were recovered from him. Earlier, he used to buy mobile phones and gold with the help of 42 fake notes worth Rs 1.96 lakh, which was recovered by the crime branch from different places.

The police investigation revealed that the currency notes were of good quality, and most of them had security features. It is feared that these notes have a connection with Pakistan.

The founder had set up an online service provider to circulate counterfeit notes in the market for which he would employ college students.

The accused used a group on social media on the pretext of an online service with a fake SIM card to circulate the notes. Fake notes were sent in parcels to the members of that group. On the basis of those notes, expensive mobiles and gold were bought.

Later, that item was sold at cheap prices and the real rupees were sent to the wallet in the form of bitcoins. A thorough investigation is being done to find out where the money went. However, Keshwala during the interrogation said he used to receive Rs 10,000 for circulating fake notes of Rs 1 lakh in the market.

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Bitcoin to Pak Rupee on May 24, 2022

KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,876,222.13 on May 24, 2022 at 09:27 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs5,855,351.85 at closing on May 23, 2022.

The rate of Bitcoin in US Dollar (USD) is $29,290.81 on May 24, 2022 at 09:27 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $29,172.68 at closing on May 23, 2022.

Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the 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.

Read more at pkrevenue.com

Cawthorn under House probe for possible fraud, improper relationship

Outgoing Rep. Madison Cawthorn (R-N.C.) is under investigation by the House Ethics Committee over allegations of financial fraud and an improper relationship with a staffer.

Why it matters: The probe is the culmination of weeks of damaging scandals and media reports that led to the right-wing firebrand losing reelection to a GOP primary challenger.

Driving the news: The Ethics Committee said Monday in a press release that its members — five Democrats and five Republicans — voted unanimously to launch the probe.

  • Its aim is to determine whether Cawthorn “improperly promoted a cryptocurrency in which he may have had an undisclosed financial interest” and “engaged in an improper relationship” with a staffer.

The context: A super PAC focused on opposing Cawthorn filed a complaint with the Office of Congressional Ethics alleging Cawthorn provided housing, travel and loans to a staffer, which they said was improperly disclosed.

  • According to the complaint, the staffer, Stephen L. Smith, accompanied Cawthorn on his honeymoon in Dubai.
  • Smith is Cawthorn’s cousin, Cawthorn spokesperson Luke Ball told Insider, calling the complaint “ridiculous.”

The complaint also seized on a Washington Examiner report that Cawthorn was involved in a cryptocurrency “pump-and-dump” scheme.

  • Cawthorn reportedly commented that the cryptocurrency, Let’s Go Brandon Coin, would “go to the moon” — or rocket up in price — on a photo of him and the hedge funder behind the coin, one day before an announcement caused its value to surge.

The other side: “We welcome the opportunity to prove that Congressman Cawthorn committed no wrongdoing and that he was falsely accused by partisan adversaries for political gain,” Cawthorn’s chief of staff Blake Harp told Axios.

  • “This inquiry is a formality. Our office isn’t deterred in the slightest from completing the job the patriots of Western North Carolina sent us to Washington to accomplish,” said Harp. 

Go deeper: A separate report from the committee says…

Read more at www.axios.com

Bitcenter is the safest platform for trading money in Cryptocurrency and Forex

Bitcenter

London, May 23, 2022 (GLOBE NEWSWIRE) — Bitcenter is offering its services with the help of qualified crypto experts and trained professionals who help the users to learn before they invest in the world of forex trading and cryptocurrency. The main aim of Bitcenter is to make crypto trading safe and secure for its users. The increasing buoyancy of people in cryptocurrency is good but the investment grows when it is safe. Without safety, the users not only lose the money but also feel disheartened and never trade again in cryptocurrency.

  • 2020 and 2021 were the most vibrant years in the history of cryptocurrency and forex. Because the trust and interest of people touched the highest possible percentage. Last year a global increment of 100% has been observed in forex trading and cryptocurrency. This sudden rise in crypto adoption certainly needs safe and sound platforms for people through which they can invest their money without being afraid of fraud and also get proper support from experienced professionals in the crypto world.

  • There are many platforms that you can use for trading your money in cryptocurrency and forex. But only a few platforms offer useful features and make the overall trading experience amazing for both the newbies and the regular users. Among these few platforms, Bitcenter is one of the most accepted and favorite trading platforms that instantly got the attention of users because of its uncanny features and tools for trading.

Bitcenter: the most reliable platform in terms of security

With more than a hundred thousand positive reviews Bitcenter is ruling the hearts of countless customers as the most trusted website for forex and crypto trading. And now it is coming to the top as a leading platform for crypto investors in the United Kingdom. Most of the new investors do not know about the working principles of crypto and forex. They have investment money that they have earned with hard work and now want to increase their investment by…

Read more at finance.yahoo.com

Bitcoin Unlocks Ocean Energy – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

Bitcoin has the potential to help unlock between 2 to 4 terawatts of clean, continuous and year-round baseload power — for one billion people — by harnessing the thermal energy of the oceans. The technology is Ocean Thermal Energy Conversion (OTEC), a 150-year old idea stymied by economies of scale, that turns Earth’s oceans into an enormous renewable solar battery.

It does this by combining warm tropical surface water and deep cold seawater to create a conventional heat engine. This simple idea is perfectly suited to be expanded to a planetary scale by Bitcoin’s unique appetite for purchasing and consuming stranded energy from the prototypes and pilot plants that will be required to prove it works. Furthermore, by harnessing virtually unlimited quantities of cold water for cooling co-located ASIC miners, OTEC may very well be the most efficient and most ecological way to mine Bitcoin.

Read more at bitcoinmagazine.com

Latest Bitcoin Price in Pakistan for, 23 May 2022

BTC TO PKR

BTC TO PKR: Latest Bitcoin Price in Pakistan for, 23 May 2022

KARACHI: The rate of one Bitcoin (BTC) in Pakistani rupee (PKR) is Rs 6007626.82 on May 23, 2022, in the international market.

The rate of BTC increases when compared with the previous day’s BTC rate which is Rs 5711336.54   on May 21, 2022.

Bitcoin Price in Pakistan

1 BTC = Rs 6007626.82 Pakistani Rupees.

Read more at www.bolnews.com