Pakcoin Crypto Currency Mania Hits Pakistan

Although it's still early days for Pakistan to fully embrace crypto currency, one major player has recently come to light as Pakistani merchants begin accepting Pakcoin as a form of payment.

Rawalpindi, Pakistan - October 13, 2017 /PressCable/ —

Only recently have crypto currencies such as Bitcoin become more popular in Pakistan, following a period of uncertainty and controversy about its true potential as a secure currency. Digital currency popularity has made a sharp increase this year, with investors flocking with confidence to speculate on this relatively volatile currency. Technology enthusiasts have also begun importing specialized hardware to mine Bitcoins, a process by which transactions can be verified and added to the block chain, which is how new bitcoins are released.

With so much being said about crypto currencies internationally, Pakistan is now also catching on to this new technology. One of the very few Pakistani ventures in crypto currency that have come to light is Pakcoin, a digital currency with a very special focus on Pakistani consumers and businesses. Pakcoin was launched nearly 2 years ago, but it didn’t really come to public attention until a hospital in Pakistan began accepting it as an accepted form of payment.

Infact, the Abid hospital was the first private hospital to accept crypto currency earlier this year throughout the whole of Asia. Following its initial success, other commercial retailers have announced the introduction of Pakcoin as a form of payment, and is currently being used by customers to pay for their purchases. Mr. Abu Shaheer, the founder of Pakcoin, recently commented in an interview that he had been working on a number of computer projects for over 15 years, while describing himself as a computer geek. He added: “Crypto currencies have been around for a number of years, though I only truly realized their true potential back in 2013.”

The man behind Pakistan´s leading crypto currency stated that the inspiration behind Pakcoin came from Auroracoin, an Icelandic based digital currency, which he came across in 2014. He added: “With Pakistan being the fourth largest global freelancer market, I knew our country would soon need its own digital currency, so I proceeded to put my Pakcoin project into action.”

According to Pakcoin’s founder, the crypto currency is based on Litecoin, described as a peer-to-peer digital currency enabling instant, low cost payments to anybody in the world. He added: “Just like Litecoin, Pakcoin is an open source worldwide payment network, and completely decentralized from any central authority. The digital network is completely secured by mathematics and empowers people to have complete control over their own finances.” He also said that their main focus today was to make the crypto currency a lot more adaptable in a real life scenario, similar to POS payments and merchant apps.

Mr. Shaheer also mentioned that they planned to make Pakcoin an acceptable form of payment online and in local stores all over Pakistan, but that it would take some time to put into action. He added: “We plan on educating a large segment of the Pakistani population as well as government officials who are all still unaware about the benefits of crypto currencies. Despite the work and effort needed to make Pakcoin a household name, I am very hopeful about the future of Pakcoin as Pakistan´s leading crypto currency.”

In order to raise awareness about the Pakcoin crypto in Pakistan, 50 PAK are available for free to the first 150,000 Pakistanis who claim them. More Pakistan crypto currency information and the latest news about Pakcoin can be found on their official website, www.pakcoin.io

Contact Info:
Name: Abu Shaheer
Email: Send Email
Organization: Pakcoin
Address: 620 , street 17-A, westridge 2, Rawalpindi, Punjab 44000, Pakistan
Phone: +92-303-5411223

For more information, please visit https://www.pakcoin.io

Source: PressCable

Release ID: 250001

More Press Releases

Asian shares rise as traders shrug off new China-US tariffs

Sep 19, 2018

TOKYO — Asian shares were mostly higher Wednesday, despite jitters over the escalating trade dispute between the U.S. and China. KEEPING SCORE: Japan's benchmark Nikkei 225 added 1.4 percent in early trading to 23,741.29. Australia's S&P/ASX 200 rose 0.4 percent to 6,195.70. South Korea's Kospi slipped 0.3 percent to 2,303.34. Hong Kong's Hang Seng advanced 1.0 percent to 27,355.73, while the Shanghai Composite also jumped 1.0 percent, to 2,726.27. TRADE TENSIONS: The administration of President Donald Trump has decided to impose tariffs on an additional $200 billion of Chinese goods. China responded by saying it will go ahead with plans...

The Latest: China's premier appeals for global support

Sep 19, 2018

NEW YORK — The Latest on the U.S.-China trade war (all times local): ___ 11:30 p.m. China's No. 2 leader has appealed for global support for free trade following tit-for-tat U.S. and Chinese tariff hikes in an escalating battle over Beijing's technology policy. Premier Li Keqiang said Wednesday in a speech to a business conference that disputes must be worked out through consultation. China announced a tariff hike on $60 billion of American imports on Tuesday in response to U.S. President Donald Trump's increase on $200 billion of Chinese goods. Speaking at the World Economic Forum in the eastern city...

Venezuela doubles down on Chinese money to reverse crisis

Sep 19, 2018

CARACAS, Venezuela — Venezuelan President Nicolas Maduro said Tuesday that new investments from China will help his country dramatically boost its oil production, doubling down on financing from the Asian nation to turn around its crashing economy. Already a major economic partner, China has agreed to invest $5 billion more in Venezuela, Maduro said following a recent trip to Beijing, adding that the money would help it nearly double its oil exports to China. "We are taking the first steps into a new economic era," he said. "We are on track to have a new economy, and the agreements with...

Markets Right Now: Markets shrug off trade and end higher

Sep 19, 2018

NEW YORK — The latest on developments in financial markets (all times local): 4 p.m. Investors shrugged off the latest escalation of trade tensions between the U.S. and China and sent stocks broadly higher on Wall Street. Major U.S. indexes on Tuesday gained back nearly all the ground they lost the day before. Technology and consumer-focused companies had some of the biggest gains. Chipmaker Micron Technology rose 4.1 percent and Netflix jumped 5 percent. Ferrari rose 4.2 percent after the sportscar maker announced a new lineup of models. The S&P 500 index rose 15 points, or 0.5 percent, to 2,904....

Paving its future: Ferrari unveils wide-ranging new plans

Sep 19, 2018

MARANELLO, Italy — Ferrari is paving its way to future growth with a look to its roots. The company's new CEO, Louis Camilleri, unveiled a new business plan Tuesday that includes reviving iconic models and embedding them with Formula One technology. Significantly expanding Ferrari's electric-gasoline hybrid powertrain offering and affirming plans to introduce a utility vehicle that hews to the brand's performance levels, Camilleri laid out his ambitions for a company he took over only in July following the death of long-time CEO and chairman Sergio Marchionne. "Our objectives are ambitious, but they are based on a meticulously constructed model...

Subscribe to our newsletter!

Your Name

Your Email Address