Its getting easier faster and better to use bitcoin in Pakistan. Now Paybill has gone live after the advent of topup24 going live with instant mobile topups or easyload to any mobile network in Pakistan. Paybill plans to make bill payments a breeze no matter where you are fast and instantly. Now you can simply enter your consumer number/account number and a mobile number to pay your bill instantly and receive instant sms for confirmation of bill payment by the bill payee company.
As I have mentioned before its very important for people to start using bitcoin and not just trading in it to realize the true potential of btc. With this vision, eCommerce sites such as http://www.yourstore.pk and http://www.sakamaonline.com also came online accepting bitcoin in Pakistan. We are on trying very hard to convince big name brand names to start accepting this and create a ripple effect in our ecosystem.
Pakistan is already the 3rd largest freelance work force producer in the world if they start accepting bitcoins with the absence of payment gateways such as Paypal. A Software with value such as btc can help them overtake a gap left by such service. While services such as Paynoeer and Perfect Money have tried their level best fill this gap but the issue is that these services are expensive and not easy. Hopefully one day we will see bitcoin raise to a level it was envisioned by Satoshsi Nakamoto.
With the problems and corruption in Pakistan going uncontrolled. The govt is trying to tax each and every bank transaction. There are alot of problems with current tax laws in Pakistan of which I am not going to get into much details. But bear in mind that each and every Pakistani is taxed through Cellphone home phones, electric bills, tv bills, gas bills etc. Most of this sector which is below the poverty line doesn’t even know that they are the ones that are suppose to receive a refunds. This in return causes the richer to get richer and divert taxes while the poor get poorer. With recommendations of the new tax law if implemented every banking transaction in Pakistan will be taxed hence causing more burden to existing taxpayers and causing double taxation. While this could be avoided if our systems worked properly then this wouldn’t be a problem but the returns are hardly paid and have to go through alot of problems before you actually receive the payments. This may even propel the use of Bitcoin In Pakistan.
As mentioned before btc or bitcoin is a peer to peer system that works like utorrent and hence is equivalent to digital cash. While the leading world countries are now starting to accept this crypto currency and realize its existence (now evident by the acceptance of big players such as Paypal, Microsoft, Expedia, Namescheap, Goldman Sachs and entities such as NYSE) Pakistan still remains far behind. But with the law as proposed by Mr Isaq Daar it may cause people to look for alternate ways to transact with one another in order to avoid this hefty tax. Bitcoin/btc/xbt maybe the answer here and propel people to actually start storing money in bitcoin. It is now clear that Pakistan is a growing economy in the bitcoin era as Urdubit trade volumes have reached 3 btc avg daily. Paybill which is still very new and still building has seen an increase in mobile topups. Paybill has been designed for payment of bills in Pakistan.
I do hope that this tax is not implemented, but at the same time this does show us how important a true p2p currency is. The fact that all the funds of any person in any country can be blocked or controlled by any sort of external force at will can just call shivers. I leave the readers of this blog to comment and share your thoughts on this.