Authors: Sardar Waqar Khan, Muhammad Waleed Rafique, Usama Malik and Hammad Malik

Open, pp. 12– 36JSA-Vol. 2 (2023)

In this paper, we explore the role of Cryptocurrency in under-developing countries like Pakistan etc. & elaborate on the legal concept of cryptography and then, we explore the possibilities of establishing and delegating tasks to the State Bank of Pakistan to regulate bitcoin payments made via peer-to-peer electronic payment in Pakistan (Create own Pk Exchange). In paper, we explain and convey the basic concepts and functions of blockchain and cryptocurrency and their uses. Further, we explain the short history of bitcoin. Also compare cryptocurrency with the prospective of traditional banking system or paper currency. Moreover, briefly explain the current situation of cryptocurrency in Pakistan according to the arguments of Government, FIA, FBR, Central Bank and Waqar Zaka (citizen of Pakistan). We also describe the perspective of Islam on cryptocurrency on the facts of halal and haram cryptocurrency. Furthermore, also describe the first Mining plant of Pakistan, future direction of cryptocurrency and cryptocurrency in some under-developing countries. The most crucial thing in our paper is that we conducted a survey to know the potential and future of cryptocurrency in Pakistan. This survey will help to understanding the knowledge related to Cryptocurrency in Pakistan and in future, this study will fruitful when government wants to legalize Cryptocurrency in Pakistan.