Remmittance Through Bitcoin in Pakistan

Pakistan has been one of the leading countries in the world receiving remittances. Yet transferring money to Pakistan is often a problem and suspect to high fees.

Bitcoin is one of the solution that presents itself to let Pakistan break free of world regulations and truly become a bitcoin country. The remittance sector of Pakistan has already crossed over $15 Billion per Anum this year. The issue with these huge amounts of incoming funds is that they often come with high fees. This in turn lets foreign companies make lots of money, and lose funds that would have otherwise entered into Pakistan economy. As put in a recent article at Economist  the banking sector earned about Trillion $1.7 in just payments.

Bitcoin cuts out the middle man hence when someone sends you bitcoin it comes directly to you with no middle third party. By receiving this directly and paying someone else it helps in adding a bit more to the reserves while saving money on transfers.

It has been long believed that bitcoin will help developing countries, and a recent report by propakistani states that only 16% Pakistanis own a bank account with mobile banking taking up 4%. Think about now owning a bank by simply using bitcoin you put the entire sector into banking, at the same time giving a chance to alleviate themselves out of poverty by connecting the people to the global economy.

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