Pakistan isn’t just using cryptocurrency-it’s leading the world in how many people are using it. In 2025, multiple reports placed Pakistan between 3rd and 4th globally in crypto adoption, behind only India and the United States. That’s not a fluke. It’s the result of real, everyday people turning to digital money because they had no other choice-and now, the system is finally catching up.
How Pakistan Got Here
Back in 2018, the State Bank of Pakistan banned banks from dealing with crypto exchanges. It was a total shutdown. If you wanted to buy Bitcoin, you had to find someone in person, pay in cash, and hope they didn’t disappear. That didn’t stop people. It just made them more creative. By 2024, over 20 million Pakistanis-roughly 9% of the population-were holding crypto. That’s more than double the global average of 6.9%. And it wasn’t just young tech fans. It was shop owners, farmers, nurses, and factory workers. Why? Because inflation was eating their salaries, banks were slow or unreliable, and sending money home from abroad cost them half their earnings in fees. Enter stablecoins. Tether (USDT) became the unofficial currency for millions. Instead of waiting weeks for a remittance from Saudi Arabia or Malaysia, workers now received USDT in minutes. They cashed out through local vendors or used it to buy goods directly. No bank. No middleman. Just a phone and a QR code.The Regulatory Flip
What changed in 2024 and 2025? The government stopped fighting crypto-and started building around it. In July 2025, Pakistan launched the Pakistan Virtual Assets Regulatory Authority a government body created to license, monitor, and regulate virtual asset service providers. It wasn’t just a token gesture. They hired real experts, set up licensing rules, and started working with exchanges like Binance and OKX to bring them onshore. This gave users legal protection. If a platform vanished, there was now a regulator to report it to. Around the same time, the Pakistan Crypto Council an industry-led body formed to coordinate policy, education, and compliance between private firms and government agencies was established under CEO Bin Saqib. It brought together miners, traders, developers, and even university professors to shape rules that actually worked in real life-not just in theory.Why Pakistan Beats Nigeria and Indonesia
You might think Nigeria, with its massive youth population and tech startups, would be #1 after India. Or Indonesia, with over 270 million people. But neither has the same level of institutional adoption. Nigeria’s crypto use is still mostly peer-to-peer, driven by desperation. Indonesia’s adoption is growing fast, but it’s still fragmented across islands with little regulatory coordination. Pakistan? It’s the only country in the top 5 with a national regulatory body, a formal industry council, and direct partnerships with global crypto firms. Chainalysis’ 2025 Global Adoption Index-the most widely cited ranking-put Pakistan at #3. Why? Because it doesn’t just count how many people own crypto. It measures how much value flows through the system: retail payments, business transactions, remittances, and even decentralized finance (DeFi) usage. Pakistan scored high across all four categories.
Stablecoins Are the Real Story
Most people think crypto is about Bitcoin and gambling. In Pakistan, it’s not. Over 85% of all crypto transactions are in USDT. Not because people think it’ll hit $100,000. But because it’s the only thing that holds its value. Imagine your salary is 50,000 rupees. In January, that buys you 50 kg of rice. In June, it buys you 35 kg. That’s 30% inflation in six months. But if you convert part of your salary to USDT, you keep your buying power. You can use it to pay rent, buy groceries, or send money to family. And when you need cash, you sell it locally for rupees at a fair rate. This isn’t speculation. It’s survival. And it’s working. A 2025 survey by the Lahore School of Economics found that 62% of crypto users in Pakistan said they used it to protect their savings-not to get rich.Who’s Behind the Scenes
The rise hasn’t been purely grassroots. There’s a clear push from the top. In June 2025, Pakistan’s Finance Minister met with Michael Saylor of MicroStrategy, whose company holds over $62 billion in Bitcoin. Talks focused on using crypto reserves to stabilize national liquidity. Later that year, the Pakistan Crypto Council signed a partnership with World Liberty Financial-a firm linked to the Trump family-aiming to bring blockchain infrastructure to public services like land records and utility payments. These moves are controversial. Critics say Pakistan is trading sovereignty for foreign tech influence. But supporters argue that with weak public institutions, partnering with private firms that have real capital and tech is the only way to move forward. The army chief and prime minister both met with the same U.S.-based team. Whether this is strategic or risky, one thing is clear: Pakistan’s crypto push isn’t happening in a vacuum. It’s part of a larger, high-stakes effort to rebuild economic credibility.
What Comes Next
By 2026, Pakistan is expected to have over 30 million crypto users. That’s more than the entire population of Australia. The government plans to integrate crypto into tax collection, social welfare payments, and even school fee systems. But challenges remain. Power outages still disrupt transactions. Internet access is uneven. And while regulation is improving, enforcement is still patchy in rural areas. The real test? Can Pakistan keep crypto useful, not just trendy? So far, the answer is yes. Unlike in places where crypto became a casino, here it became a tool. And tools don’t fade when the hype does.How Pakistan Compares
| Rank | Country | Adoption Score | Primary Use Case | Regulatory Status |
|---|---|---|---|---|
| 1 | India | 8.7 | Remittances, DeFi, P2P trading | Clear tax rules, exchange licensing |
| 2 | United States | 8.4 | ETFs, institutional investment, retail trading | Fragmented state rules, federal oversight growing |
| 3 | Pakistan | 8.1 | Stablecoin remittances, savings protection | National regulator established, licensing active |
| 4 | Vietnam | 7.9 | P2P trading, gaming, NFTs | Prohibitive taxes, but enforcement weak |
| 5 | Philippines | 7.6 | Remittances, play-to-earn gaming | Regulated exchanges, but slow enforcement |
Notice the pattern? The top countries aren’t the ones with the most tech-savvy youth. They’re the ones where crypto solves a real, urgent problem. In Pakistan, that problem is inflation. In India, it’s remittances. In the U.S., it’s access to financial tools for the unbanked.
What This Means for You
If you’re outside Pakistan, you might think this is just another crypto story. But it’s not. Pakistan’s rise shows something deeper: when people are locked out of traditional finance, they don’t wait for permission. They build their own system. Governments that ban crypto don’t stop adoption-they just push it underground. Governments that regulate it with real intent? They unlock economic resilience. Pakistan didn’t become a crypto leader because of luck. It happened because millions of ordinary people chose to use digital money to survive-and then the government finally listened.Why does Pakistan rank higher than Nigeria in crypto adoption?
Nigeria has high crypto ownership, but most activity is peer-to-peer and informal. Pakistan, by contrast, has formalized its system with a national regulator, licensed exchanges, and institutional partnerships. Chainalysis’ ranking weights structured usage-like business payments and regulated remittances-more heavily than informal P2P trading. That’s why Pakistan scores higher despite Nigeria’s larger crypto user base.
Is Bitcoin the main cryptocurrency used in Pakistan?
No. Over 85% of crypto transactions in Pakistan are in USDT (Tether), a stablecoin pegged to the U.S. dollar. People use it because it holds its value, unlike Bitcoin, which is too volatile for daily use. USDT lets them send money across borders, pay bills, and protect savings from inflation without risking price swings.
Can I legally buy crypto in Pakistan today?
Yes. Since mid-2025, the Pakistan Virtual Assets Regulatory Authority has licensed over 20 local and international exchanges to operate legally. Users can buy, sell, and hold crypto through regulated platforms. However, unlicensed peer-to-peer trading still exists, and users are advised to stick to licensed services for legal protection.
How much crypto do Pakistanis hold in total?
As of 2025, estimates suggest Pakistanis hold between $20 billion and $25 billion in cryptocurrency. This is based on transaction volume data from licensed exchanges and blockchain analysis. With a population of 230 million, this represents one of the highest per-capita crypto holdings in the developing world.
Is crypto adoption in Pakistan sustainable?
Yes-because it’s driven by necessity, not speculation. Unlike in countries where crypto is used mainly for gambling or short-term gains, Pakistanis use it to protect savings, send remittances, and pay for essentials. As long as inflation stays high and traditional banking remains unreliable, crypto will remain essential. The government’s regulatory framework now supports this, making it more durable than past hype cycles.
Rebecca Andrews
I'm a blockchain analyst and cryptocurrency content strategist. I publish practical guides on coin fundamentals, exchange mechanics, and curated airdrop opportunities. I also advise startups on tokenomics and risk controls. My goal is to translate complex protocols into clear, actionable insights.
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