20-27 Million Crypto Users in Pakistan: Why It Matters

More than 20 million people in Pakistan are using cryptocurrency. Some estimates put the number as high as 27 million. That’s roughly one in every ten Pakistanis. Not because they’re chasing get-rich-quick schemes, but because they have no other choice. The rupee is falling. Banks are slow. International payments? Nearly impossible through traditional channels. So people turned to Bitcoin, USDT, and other digital assets - not as investments, but as lifelines.

Why Pakistan? The Real Reason Crypto Took Off

It’s not about tech hype. It’s not about young people wanting to trade memes. It’s about survival. Pakistan’s inflation hit over 30% in 2024. The rupee lost nearly half its value against the dollar in just two years. People saw their savings evaporate. Banks didn’t help. Foreign currency was hard to get. And yet, millions of Pakistanis - mostly freelancers, students, and small business owners - found a way out: crypto.

Think about this: a graphic designer in Lahore works for clients in the U.S., Canada, and Europe. They get paid in dollars. But if they try to cash out through a bank, they face delays, fees, and sometimes outright rejections. Crypto? They get paid in USDT. They sell it locally on peer-to-peer platforms like Paxful or LocalBitcoins. Within hours, they have rupees in their pocket. No middlemen. No paperwork. No waiting weeks.

This isn’t rare. It’s normal. A 2025 report found that over 60% of crypto users in Pakistan use it primarily for receiving international payments. Another 25% use it to protect their savings from inflation. Only 10% trade for speculative gains. That’s the opposite of what you see in the U.S. or Europe.

The Numbers Don’t Add Up - And That’s the Point

You’ll hear different numbers. Some say 18.2 million. Others say 40 million. Why the gap?

Because most crypto use in Pakistan happens outside exchanges. People don’t sign up for Binance or Coinbase. They use WhatsApp groups, Telegram channels, and local P2P platforms. A guy in Faisalabad buys USDT from a neighbor who works at a crypto cafe. The neighbor gets rupees in cash. The buyer sends the USDT to their brother in Dubai. No bank account needed. No KYC. No trace.

That’s why official numbers are low. They only count users on regulated platforms. They miss the underground network that keeps the system alive. The real number? Probably somewhere between 20 and 27 million. And it’s growing fast - over 5 million new users joined in 2025 alone.

The Government’s Dilemma: Ban It or Control It?

In 2022, the State Bank of Pakistan tried to ban crypto. They told banks to block transactions. They threatened legal action. Did it work? No. People just moved to cash-based P2P trades. More people got involved.

Today, the government is stuck. They can’t stop crypto. But they don’t want to lose control. So now, they’re building their own digital currency - a central bank digital currency (CBDC) - set to launch in late 2025. The goal? Replace crypto with something they can monitor, tax, and control.

But here’s the problem: a CBDC won’t fix the real issues. It won’t make international payments faster. It won’t protect savings from inflation. And it won’t help freelancers who need to get paid in dollars. Crypto already does all that. Why replace it with a government-controlled version that still requires bank links and ID checks?

For now, the rules are unclear. No official ban. No legal status. Just silence. And in that silence, crypto keeps growing.

Who’s Using Crypto in Pakistan? It’s Not Who You Think

Most articles talk about “tech-savvy youth.” That’s true - but incomplete.

It’s also the single mom in Rawalpindi who runs a home-based tailoring business and gets paid in crypto from clients in Saudi Arabia. It’s the university student in Multan who tutors English online and gets paid in Bitcoin. It’s the mechanic in Peshawar who uses crypto to buy parts from Turkey because banks won’t let him transfer money.

These aren’t traders. They’re everyday people using crypto as a tool. Like a phone or a car. Not because it’s cool. Because it works.

And it’s not just cities. Even in towns with spotty internet, people find ways. They use mobile data. They meet in person. They use SMS-based crypto services that don’t need apps. The infrastructure is weak, but the need is stronger.

What’s Holding It Back? Internet, Not Attitude

Pakistan has over 255 million people. Only 45.7% have reliable high-speed internet. That’s the real bottleneck. Not fear. Not distrust. Just bad connections.

Imagine trying to send a crypto transaction on a 3G network that drops every 10 minutes. Or paying for a USDT transfer while your phone overheats because the charger is broken. These aren’t edge cases. They’re daily realities for millions.

That’s why adoption is uneven. Karachi and Lahore have crypto cafes, local exchanges, and WhatsApp groups with hundreds of active members. But in rural Sindh or Balochistan? People know about crypto. They want to use it. But they can’t.

Fix the internet, and the numbers will explode. Even without government support.

The Future: Will Crypto Survive?

Some say the government will crack down. Others say CBDCs will replace crypto. Both are wrong.

Crypto in Pakistan isn’t a trend. It’s a response to systemic failure. As long as inflation stays high, banks remain slow, and international payments stay locked behind red tape, people will keep using crypto. No law can change that.

The real question isn’t whether crypto will survive - it’s whether Pakistan’s leaders will stop treating it as a threat and start seeing it as a solution.

For now, 20 to 27 million people are already making that choice. They’re not waiting for permission. They’re building their own financial system - one transaction at a time.