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Crypto Users in Pakistan: Why 20‑27Million People Are Turning to Digital Money

Crypto User Growth Estimator

Current Status

As of 2025, Pakistan has 18.2 million verified users, with estimates suggesting up to 40 million total users. Analysts project the user base to exceed 27 million by year-end.

Annual Growth Rate (%):

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Projection Period (Years):

1 Year 1 Year 5 Years

Quick Takeaways

Between 18.2million verified and up to 40million total holders are using crypto in Pakistan as of 2025.
Analysts expect the user base to pass 27million by year‑end, fueling roughly $1.6billion in industry revenue.
Key drivers: high inflation, a growing freelance sector, and the need for cheap cross‑border payments.
Internet access reaches only 45.7% of the population, creating a clear urban‑rural divide.
The State Bank of Pakistan is rolling out a CBDC in 2025, but the regulatory climate remains uncertain.

What the Numbers Really Mean

Cryptocurrency adoption in Pakistan is a rapid‑growth phenomenon that places the country among the top ten crypto markets worldwide. Official exchange data show 5.4million new users joined in 2025, pushing the verified count to 18.2million. Independent market surveys, however, estimate that the true number of holders - including peer‑to‑peer traders - could be as high as 40million. This gap stems from the large share of transactions that happen off‑exchange, especially in rural communities where formal platforms are scarce.

The 4.1% adoption rate (over 9million owners in 2024) is impressive given Pakistan’s 255million‑person population and modest internet penetration. When you compare it to the global average of 6.9% in 2024, the country’s performance is clearly driven by necessity rather than pure speculation.

Why So Many Pakistanis Are Going Digital

Three overlapping forces push everyday users toward crypto:

Inflation - The Pakistani rupee has lost roughly 15% of its value each year since 2022. Holding assets in stablecoins or Bitcoin offers a hedge against this erosion.
Freelance economy - Pakistan now ranks among the world’s largest remote‑work hubs. Platforms such as Upwork and Fiverr pay in USD; cryptocurrency lets freelancers receive funds instantly with lower fees than traditional banks.
Remittances - Over $30billion flows into the country each year. Crypto‑based transfers bypass costly intermediaries and reach recipients faster.

Young urban dwellers in Karachi, Lahore, and Islamabad also experiment with DeFi apps, NFT marketplaces, and crypto gaming, but the bulk of activity remains focused on capital preservation and cross‑border payments.

Regulatory Landscape: Gray Zones and Upcoming Shifts

The State Bank of Pakistan (SBP) has never officially recognized cryptocurrencies as legal tender. A 2022 draft bill hinted at an outright ban, but the proposal stalled after industry pushback. In parallel, the SBP announced a pilot for a central bank digital currency (CBDC) slated for 2025. The CBDC aims to improve financial inclusion while keeping monetary policy under government control.

Regulatory uncertainty creates a paradox: despite occasional website blocks and threats of stricter rules, grassroots adoption has not faltered. Users continue to rely on peer‑to‑peer platforms, local exchanges that operate in Urdu, and community‑run education groups.

Infrastructure Realities - Internet, Payments, and Trust

Only 45.7% of Pakistanis have stable high‑speed internet in 2025. Rural provinces such as Balochistan and Khyber Pakhtunkhwa lag behind, limiting mass‑market crypto uptake. Mobile data is more affordable than broadband, so many users access wallets via smartphones, but connectivity drops still cause transaction delays.

Payment infrastructure is improving: several exchanges now offer direct PKR deposits/withdrawals, reducing the need for third‑party converters. Yet customer support remains thin, and many users still report “lost” funds after network outages.

How Pakistan Stacks Up Globally

Crypto Adoption Comparison: Pakistan vs. Regional Leaders (2025)
Country	Estimated Users	% of Population	Key Drivers
India	97.5million	7.1%	Tech‑savvy youth, robust exchange ecosystem
Nigeria	22million	10.3%	Currency devaluation, remittance needs
Pakistan	18.2-40million	4.1% (verified) /≈15% (total)	Inflation hedge, freelance payments, cheap remittances

When adjusted for internet penetration, Pakistan’s adoption rate outpaces many developed economies. The country’s growth curve is steeper than Nigeria’s, reflecting the compounded pressure of high inflation and limited banking access.

Looking Ahead - What to Expect by 2026

Industry forecasts place the user base at over 27million by the end of 2025, with a market size approaching $1.6billion. Several scenarios could shape the next phase:

Regulatory clarity: If the SBP issues a clear framework that permits crypto trading under licensing, institutional players may enter, boosting liquidity.
CBDC rollout: A well‑designed CBDC could coexist with private crypto, offering a bridge for users who need fiat‑backed digital cash.
Infrastructure upgrades: Expanding 4G/5G coverage would close the urban‑rural gap, unlocking new user segments.
Potential crackdown: A hard ban or aggressive website blocking could push activity further underground, increasing fraud risk.

Regardless of policy twists, the underlying economic drivers-rising prices, a booming freelance sector, and the need for low‑cost cross‑border transfers-remain strong. Those forces suggest crypto will stay a vital part of Pakistan’s financial landscape.

Practical Tips for New Users in Pakistan

Choose a locally‑supported exchange that offers PKR deposits to avoid conversion fees.
Store long‑term holdings in a hardware wallet; use mobile wallets only for daily transactions.
Verify internet stability before making large trades; a dropped connection can lead to failed orders.
Stay updated on SBP announcements-regulatory shifts can affect withdrawal limits.
Engage with local crypto communities on Telegram or Reddit for real‑time support and education.

Frequently Asked Questions

How many people in Pakistan actually own cryptocurrency?

Verified exchange reports show about 18.2million users in 2025, but industry estimates that include peer‑to‑peer holders range up to 40million. Most analysts settle on a midpoint of roughly 27million by year‑end.

Why do freelancers prefer crypto over traditional bank transfers?

Bank transfers can take weeks and charge 5‑10% in fees. Crypto payments settle within minutes and often cost less than 1%. This speed and cost advantage is crucial for freelancers who need cash flow for daily expenses.

Is the upcoming CBDC a threat to private cryptocurrencies?

The CBDC is designed as a digital version of the rupee, not a replacement for crypto. It may attract users who want a government‑backed digital asset, but it doesn’t solve the inflation‑hedge and cross‑border payment problems that drive crypto adoption.

What are the main risks of using crypto in Pakistan?

Key risks include regulatory uncertainty, limited consumer protection, internet outages that can freeze transactions, and the prevalence of scams on unregulated platforms.