Cryptocurrency is a medium of exchange, done through the internet. These currencies are transferrable between two parties through either public or private keys. This medium of exchange is uncontrollable via any central power, and the most fantastic feature about this is that it is all doable within a reasonable budget.
Now, cryptocurrency differs from country to country. Every state has its own set of guidelines regarding the functioning of this type of exchange. In this piece of article, we will be discussing the cryptocurrencies of Pakistan and India. Thus, if you are a resident of any of these two countries, this small guide will help you a lot.
Is Cryptocurrency Safe?
Cryptocurrency is just like any other investment; it is risky! But, according to experts, cryptocurrency is a bit more risker than other forms of investment. Therefore, being safe is very important. Research is extremely crucial. Make sure that you research the exchanges before you make a pick. There is a wide variety of 500 exchanges to make a pick from; knowing about the ones that you plan to invest in will reduce your chances of failure. Although, do remember that there is always a win-lose situation when you invest. Being patient is the key, but research is equally important.
You also need to know how to store your virtual currency. You have to ensure safety by all means. Research all the methods and pick the best one. Don’t put all your investment in bitcoin. It is not a safe strategy. Diversification is the key to a smart investment, and thus you need to invest in different ways.
Cryptocurrency in Pakistan
Pakistan has faced a lot of financial crime in the past few years, and thus, it is generating new cryptocurrency rules to gain control over the situation. Till the virtual assets are not secure, cryptocurrency is ban in Pakistan.
Cryptocurrency companies are required to undergo various executives to ensure that they are secure for the users. They are obliged to take a handful of measures to protect the users and meet the capital demands that come along with the new regulations.
Cryptocurrency does not have much recognition in Pakistan as it has been banned entirely since last year, April.
The need to shield people’s virtual assets is crucial, and cryptocurrency regulations need to be evolved in Pakistan so that people can place their trust in such companies and help the industry grow. However, there are some online websites where you can get indulged in cryptocurrency. But as the law has banned it at the moment, we cannot state it to be a secure medium.
Cryptocurrency in India:
Cryptocurrencies are not legal in India either, but a larger population uses this medium of exchange. The fascinating factor here is that cryptocurrency exchange is legal in India, but the tender is illegal. Thus, if you want to involve yourself in a cryptocurrency exchange while being in India, you can!
Furthermore, if you are earning profits through bitcoins, you must pay tax on them. The tax regulations related to cryptocurrency exchange in India are vague, but you must refer to the guidelines before involving in the process.
The growth of cryptocurrency exchange in India has grown massively. The government has not banned this medium completely, but the prohibitive measures are under extreme consideration. The main aim is to make the process of cryptocurrency exchange safer for every common man. The safety of the virtual assets remains a concern for India too. It is always preferable that you do extensive research before investing.
To conclude, you can indulge in cryptocurrency exchange in both countries somehow, but the process is not entirely secure. The concern of a lack of financial security lingers in both countries, and it is not solved. With Pakistan banning cryptocurrency overall and India allows minima exchange only, the lack of protection is a huge issue to consider. Research through the laws of your countries before involving in cryptocurrency investments. Understanding the do’s and don’ts will help you stay safe, which is extremely important when exchanging mediums digitally.