We are all finding the way outs to the restrictions imposed on crypto transactions in Pakistan. After the ban from the top financial institution of Pakistan, the traders can no longer execute transactions through exchanges, and hence cannot receive or withdraw their amounts. We will discuss few practical ways to help crypto traders solve this huge problem. Fortress Fidelium Debit Cards-An Option for Crypto Traders to Withdraw Money from ANYWHERE.
The Optimistic View
The good news is that there are still plenty of ways for Pakistani crypto traders to stay connected with this business. We will discuss over-the-counter exchanges where buyers and seller can directly connect with each other and conveniently trade crypto currencies. Chinese traders adopted this method after the ban from the government and it turned successful. We will discuss these types of exchanges in one of our coming articles.
Fidelium Debit Cards for Crypto Traders
Coming back to the point, Fidelium, a US based company has executed an agreement with one of the major debit card companies to develop a card for the crypto traders called “Fortress Fidelium Debit Cards”. This Debit card will enable the traders to withdraw their money from anywhere in the world at dedicated ATM Machines.
Fortress Fidelium Debit Cards-An Option for Crypto Traders to Withdraw Money from ANYWHERE
These Fortress Fidelium Debit Cards will be integrated into Fidelium wallet application to give the traders access to multiple crypto exchanges. Fidelium is itself not an exchange, but a platform where traders can use several trading platforms. This cross exchange platform uses Fortress technology where they can access any crypto exchange once meeting the Know Your Customer (KYC) procedure requirements.
Who can qualify for the Debit Card?
Any trader who has installed their mobile app on his smartphone is eligible to have this Debit Card. You can also pay for your shopping at compatible online stores; there is an option of paying through using digital coins.
This platform also offers a solution to significant price differentials at different exchanges because of lack of liquidity of crypto currencies.
As per the white papers:
[highlight color=”pink”]“At one point, Bitcoin was trading around $15,000 in the U.S. At the same time, it was around 20 million Korean Won roughly $18,500. That is $3,500, or 23 percent difference”[/highlight]
It will be convenient for the traders to use multiple exchanges for this platform and avoid a hassle of switching between different exchanges. We know that the verification processes are frustrating where we are asked to upload a copy of our identity card, picture or a proof of residence.
Pakistani traders are anxiously looking for the solution to their current difficulties. We hope that this platform will turn out to be a blessing in disguise if it has no geographical restrictions. However, we will keep discussing all the possible ways that will enable Pakistani crypto traders to carry on with their business.
We will focus on over the counter platforms for them and also look for third party payment processor that will enable them to withdraw their profits. Stay connected with Informationistan for the latest developments rapidly taking place in the crypto world.