Tech
The Rise of Crypto in Pakistan’s Shadow Economy
Pakistanis have invested between $20–25 billion in crypto despite a national ban, placing the country eighth in global rankings for crypto activity, according to Chainalysis and the Asian Development Bank.
This contradiction between official policy and on-ground reality framed a session titled “The Future of Cryptocurrency in Pakistan” at the Pakistan Business Council’s Dialogue on the Economy conference, held at Serena Hotel, Islamabad. The session, led by Dr. Asad Samar, CEO of Square Point Trading Group, focused on how cryptocurrencies work, their evolution, and the regulatory challenges and opportunities within the local context.
The discussion began with an overview of cryptocurrency’s origins, explaining that the idea behind it was to enable payments directly between individuals without relying on banks or other central intermediaries. Blockchain, or hash chain technology, was introduced as a way to record transactions in linked blocks of data that cannot be altered once written. This ledger is distributed, allowing all participants to verify the history of transactions.
The role of miners was also highlighted, as they are responsible for linking new blocks to the existing chain by performing computationally expensive work. In return, miners are rewarded in cryptocurrency. The concept of scarcity was also discussed, with a key example being Bitcoin, whose total supply is capped at 21 million coins, ensuring its long-term value.
However, it was noted that cryptocurrencies have evolved far beyond their original purpose as a payment mechanism. Today, there are thousands of coins with different functions, from improving existing protocols to powering in-game tokens or even tokenizing real-world assets like property. The emergence of these use cases has further diversified the crypto space, making it more than just a financial instrument but also a technological tool with applications across industries.
The rise of cryptocurrencies has largely been driven by price movements. It was pointed out that Bitcoin, which was priced between $500 and $700 in 2016, has since skyrocketed to over $100,000 per coin. This surge has contributed to a market capitalisation in the trillions of dollars and established crypto trading as a major global activity. As a result, retail investors and institutional players alike have become more interested in cryptocurrencies, driving volumes on exchanges that now exceed traditional finance in some instances.
Adding a global perspective to this market evolution, Li Xing Gan, Financial Markets Strategist at Exness, commented on the current state of the sector:
“Even though the market is experiencing a cooling, we can not, and probably should not forget that it is still at a rate so high that it would seem like science fiction even a few years ago. Also, we need to keep in mind that a healthy market needs the occasional correction to bring overbought assets back to their ‘true’ value. I would be more curious to see if this is confirmation that the cryptocurrency market and its participants are maturing, making it act more like their equity or precious metals equivalents. Because if that is true, i.e. that this extremely liquid market has reached maturity, then it will likely be easier to forecast and analyse.”
Around 50 crypto exchanges operate worldwide, with a small group handling most of the trading volume. High-frequency traders, statistical arbitrage funds, and professional market makers are major players, using advanced strategies to profit from small price differences across exchanges. These sophisticated strategies involve arbitraging between exchanges, utilizing fast-paced algorithms to exploit minor price discrepancies before others can react. The trading activity has become so large that it now rivals traditional financial markets, with daily volumes running into the hundreds of billions of dollars.
As the market matures, more regulated platforms are playing a role in helping investors navigate the crypto space. For example, platforms like Exness have expanded their offerings to include access to cryptocurrency markets, allowing both individual traders and institutional investors to engage with the rapidly growing sector. This shift is part of the broader trend where traditional financial institutions and well-established trading platforms are increasingly adding cryptocurrency to their portfolios, ensuring that the sector gains further legitimacy.
Turning to regulation, it was observed that the sector has seen rapid developments, particularly in the United States, where the 2025 Genius Act recognizes stablecoins as legal tender and major traditional financial institutions have entered the space. By contrast, China has enforced strict regulations, including a blanket ban on crypto exchanges since 2023, but has shown signs of adopting a more open approach through Hong Kong’s regulatory sandbox. In the Middle East, the UAE’s Virtual Assets Regulatory Authority (VARA) has introduced clear and supportive regulations that have led to an influx of crypto businesses into the region. Other countries are also watching these developments closely as they plan their own regulatory frameworks.
In Pakistan, despite a crypto ban in place since 2018, data indicates that the country remains a significant player in global crypto markets. It was highlighted that Pakistanis have invested over $20 billion in crypto over the past decade, with recent reports suggesting losses of approximately 600 billion rupees over the past year through unregulated channels. The unregulated nature of the market means that Pakistani investors are exposed to risks such as fraud, hacks, and price volatility.
Given this backdrop, it was suggested that a blanket ban on crypto trading is not effective, and that Pakistan could consider legalizing and regulating the sector. Possible steps include licensing local exchanges, limiting the range of tradable coins, and controlling capital outflows via regulated platforms, while ensuring tax revenue from this already active market. By taking these steps, Pakistan could protect investors, reduce illicit activities, and generate tax income from a sector that is growing rapidly despite its current legal status.
In the question-and-answer session, some participants expressed concern about the lack of reserves backing cryptocurrencies and questioned whether the sector is merely another form of speculation. It was explained that the value of cryptocurrencies is driven by supply and demand, with limited supply in protocols like Bitcoin creating scarcity, while growing interest from both individuals and states contributes to the demand side. The comparison to gold was made, with the argument that much of gold’s value is also driven by market perception rather than practical use. As such, cryptocurrencies are often viewed as a store of value, akin to gold, with their worth being determined by collective market sentiment and the faith that users place in the system.
Although crypto may not directly impact everyday issues like jobs or inflation, it was emphasized that, given the size of the market in Pakistan, policymakers should shift focus from prohibiting the asset class to regulating and taxing it in a way that benefits the economy. As long as the sector continues to thrive, it will impact the financial landscape, and formal regulation would allow Pakistan to tap into this growth while ensuring consumer protection and stability.
Regarding domestic regulatory efforts, the formation of a Pakistan Crypto Council and the proposed PVARA, a crypto regulator modeled after the UAE’s VARA, were discussed. Although details remain unclear, these steps were viewed as positive developments towards establishing a formal framework for digital assets in the country. Such a framework could provide clarity to businesses, investors, and consumers alike, helping to grow the market in a controlled and transparent manner.
Updated Dec 6 with further details of the software and its release date.
Did you upgrade your iPhone to iOS 26 yet? It’s available for all models from the iPhone 11 onwards. But until now, Apple has also readied a version of last year’s iOS 18 so that users reluctant to move to the new OS just yet can stay protected. It looks like that’s just ended and new evidence suggests that the next iOS 26 update is now only days away. Since there have been numerous reports that the software was delayed, it will surprise many that it might actually be early, after all.
Apple iPhone 16 Pro Max
AFP via Getty Images
“Apple is encouraging iPhone users who are still running iOS 18 to upgrade to iOS 26 by making the iOS 26 software upgrade option more prominent,” MacRumors reports.
Until this week, iOS 18 updates have been the default choice, with iOS 26 offered further down the page in Settings.
“Starting today, that’s changing. iOS 18 users who have not upgraded to iOS 26 will now see iOS 26.1 as the recommended iOS update in the Settings app. iOS 18 updates are still an option, but are now displayed at the bottom of the app,” the report goes on.
While that’s not the same as forcing users to move to iOS 26, the writing is clearly on the wall.
Each iOS 26 update has been accompanied by one for iOS 18, so far. However, while the first two of these were released pretty much at the same time, the latest iOS 18 option, 18.7.2, came several days later, perhaps as a way for Apple to quietly nudge people to iOS 26.
While this doesn’t mean that there won’t be an iOS 18.7.3 release soon after iOS 26.2 goes live later this month (read this for exactly when that will be), it wouldn’t surprise me if iOS 26.2 is the only option offered.
And there’s now further evidence that iOS 26.2 is almost here: on Wednesday, Dec. 3, Apple launched the release candidate of iOS 26.2 to developers, indicating the schedule is still in place for general release on Monday, Dec. 15 or Tuesday, Dec. 16.
It also means that it’s just possible that iOS 26.2 could come earlier. I had written off Monday, Dec. 8 and Tuesday, Dec. 9, but as the release candidate arrived so soon after the week of Thanksgiving, I’d say that one of those days is possible, alongside Wednesday, Dec. 10 — which I now believe to be the most likely date.
Other commentators have come to their own conclusions, but all are in the same ball park. “Apple normally releases its x.2 updates during the second week of December, and this year seems to follow the same pattern. So users can expect the update between 8 December and 10 December, unless there is a revised RC build that delays things a little,” MSN said while Britta O’Boyle at T3 agreed that it could come “as soon as next week.”
Geeky Gadgets said “Apple has confirmed that the general rollout will occur on Dec. 8, giving users worldwide access to the new features and improvements,” though it’s not clear to me that Apple has made this confirmation or where the site is sourcing this.
And I suspect it will be the week beginning Dec. 8 rather than necessarily the day itself — though that would certainly surprise the analysts who have banked on the release being delayed.
“Looking ahead, Apple plans to release the iOS 26.3 beta during the week of Dec. 15,” the site went on, which seems likely to me.
Apple’s move to encourage people to iOS 26 now suggests to me that the iOS 18 option at the bottom of the page is likely to disappear soon.
Of course, there will be iOS 18 security updates coming in the future, but they may only be offered to users of the three phones which can run iOS 18 but not iOS 26, that is, the iPhone XS, iPhone XS Max and iPhone XR. Owners of the latest models, iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max and iPhone Air, have no choice in the matter: iOS 26 came pre-installed.
Updated Dec. 6 with more details of release date and pricing, panel thicknesses and comparisons to other thin and folding phones.
The next Samsung smartphone has been revealed. The Galaxy Z TriFold is a folding phone with two hinges so its internal screen opens out to be the size of a 10-inch tablet. Here’s when it will arrive and how much it’ll cost, plus details of why it’s different from other rival folding and super-thin phones. Oh, and whether TriFold is the right name.
Samsung Galaxy Z TriFold
Samsung
Samsung Galaxy Z TriFold Release Date: Friday, Dec. 12
That’s the date that the new phone will go on sale. But there’s a catch: it’s in South Korea only, where it will be available to view from Dec. 9 in 20 stores.
It will be available more widely, but no date has yet been attached. “Samsung Electronics will launch the ‘Galaxy Z Trifold’ in Korea on the 12th and then launch it sequentially to global markets such as China, Taiwan, Singapore, the United Arab Emirates, and the United States,” Samsung said in a newsroom post.
No exact date yet, then, though I’d be astonished if it was before 2026. A report from Bloomberg comments that it will ship in very limited volume.
Samsung Galaxy Z TriFold open
Samsung
And a more recent update from Tom’s Guide claimed that while no actual date has been set, there is at least a clue. “As for the U.S., Samsung says it’ll be coming sometime in Q1 2026,” it reported.
“Given that January or February could also see the next Galaxy Unpacked event for the Galaxy S26 series, it’ll be interesting to see if Samsung will wait to release the TriFold later in Q1, just to make room in between releases,” it went on.
Samsung Galaxy Z TriFold Price
“ ‘Galaxy Z Trifold’ is released as a single model of ‘Crafted Black’ color in 512GB storage with 16GB memory, and the price is 3,594,000 won,” Samsung said, which is around $2,450.
That’s not cheap, but there’s a lot in the box, it seems. “The ‘Galaxy Z Trifold’ package includes ‘Carbon Shield Case’, ’45W Fast Charger’, and ‘Data Cable’ as basic components,” Samsung added.
It’s worth adding that the U.S. price is not expected to be an exact translation of the Korean price and there have been rumors that the price could be as high as $2,999. We’ll see. I suspect Samsung will pick a price that’s high, to confirm this is a premium product, but not impossible.
As to what else to expect from the phone, there are neat details in the Bloomberg report. “At its thinnest point, the TriFold measures 3.9 millimeters (0.15 inch). Inside, it contains a 5,600 milliamp-hour battery, marking the largest capacity that Samsung has used in a folding phone so far. The battery provides as much as 17 hours of consecutive video playback with the TriFold display fully open,” it reads. You can also read details about the phone on Prakhar Khanna’s post here on Forbes.
The phone will close by folding left and right parts in to the middle — so not a Z shape at all. Mind you, two folds doesn’t sound like “trifold” to me either. I fear it’s too late for sensible minds to get hold of this and rename phones with two folds as Bifold, but the name is irksome, to say the least, or am I just being pedantic?
Samsung Galaxy Z TriFold
Samsung
“In a brief hands-on session, the TriFold was intuitive to use. If the user begins to fold it incorrectly — by closing the right side before the left, for instance — the phone quickly warns them with on-screen notifications and physical vibrations,” Bloomberg comments.
More than that, we know that the Galaxy Z TriFold will have three cameras, matching the Galaxy Z Fold7, meaning the new phone will include a 200MP main camera.
And it will be the first major competition to Huawei’s Mate XT — which does fold in the shape of a Z so perhaps has a better claim to the name, or am I being pedantic again? Huawei’s phone is fractionally thinner when folded, measuring 12.8mm against Samsung’s 12.9mm.
But Samsung’s phone pulls off an interesting trick. Although it’s thicker than the Z Fold7 (which only folds once, not twice) which is 8.9mm when folded, it’s only a little thicker than last year’s Z Fold6 which was 12.1mm when closed. To add an extra fold but less than a millimeter of thickness in total is noteworthy.
It seems that the Z Trifold will also lack something the Z Fold6 had, which is compatibility with the S Pen stylus. The Z Fold7 doesn’t support the S Pen either, so this may not be a surprise.
The three panels on the TriFold (so, should that be called TriPanel? Okay, I’ll get off the pedantic tip now) are all different thicknesses. The thinnest is 3.9mm thick, the central one is 4.2mm and the third is 4mm.
The thinnest has a physical SIM card slot, which is interesting because the iPhone Air does not, and it’s thicker. Reports suggest the predicted iPhone Fold will not find room for a SIM card tray either.
Samsung has also said that the fold is robust and that the phone undergoes a lot of testing, specifically “a 200,000-cycle multi-folding test, equivalent to folding the device approximately 100 times a day for five years.”.
Samsung’s Galaxy Z TriFold
Samsung Newsroom
Taking a look back at this week’s news and headlines across the Android world, including the Galaxy Z TriFold arrives, Galaxy S26 Ultra specs, the new Exynos promise, Pixel 10a pricing, Nubia Fold details, OnePlus 15 heads to America, and Google’s QPR2 source code released.
Android Circuit is here to remind you of a few of the many discussions around Android in the last seven days. You can also read my weekly digest of Apple news here on Forbes.
The Galaxy’s Number Is Now Three
Samsung has launched the highly anticipated Galaxy Z TriFold, a foldable device with three screen elements and two hinges to offer a pocketable phone and a tablet screen that is significantly less square than other foldable devices in the South Korean company’s portfolio. It’s a technical marvel, but it may not be the best seller some in the community are looking for:
“It will be available more widely, but no date has yet been attached. “Samsung Electronics will launch the ‘Galaxy Z Trifold’ in Korea on the 12th and then launch it sequentially to global markets such as China, Taiwan, Singapore, the United Arab Emirates, and the United States,” Samsung said in a newsroom post. No exact date yet, then, though I’d be astonished if it was before 2026.”
The Galaxy S26 Comparison
What will be a best seller, all being well, will be the Galaxy S26 family. With specifications widely available, albeit unconfirmed by Samsung, it’s possible to compare the upcoming S26 devices with the current S25 models. As the flagship, the Galaxy 26 Ultra has the most scrutiny:
“Samsung is switching to a new 6.9-inch M14 AMOLED panel, although it probably will not get much brighter. European users will likely only get 12GB RAM, compared with 16GB in other regions such as China. At least Samsung fans around the world will probably get to enjoy the Snapdragon 8 Elite Gen 5 instead of the Exynos 2600.”
Here Comes The Exynos
Samsung has confirmed its flagship Exynos 2600 chipset. This will draw direct comparison to Qualcomm’s Snapdragon 8 Elite 5 chipset, which is currently debuting in premium handsets across the Android space. The Samsung community has generally preferred Snapdragon over Exynos, at least on the top-tier Galaxy Ultra handsets. The S26 Ultra is still expected to ship in the first quarter of 2026 with a Snapdragon chipset, but Exynos could dominate the other handsets in the S26 family. Sammobile’s Asif Shak has more:
“A teaser video of the Exynos 2600 was just published by Samsung on its YouTube channel. In the video, the company says, “In silence, we listened,” hinting at controversies around performance and overheating issues associated with some previous Exynos chips. It is the South Korean firm’s indirect way of saying it understands the criticism around its chips and that it intends to improve upon their shortcomings.”
The Pixel 10a Price Conundrum
Google’s next smartphone is expected to be the Pixel 10a, which will bring the latest AI-focused hardware and smartphone technology to the mid-range. It’s expected to remain at $499, but there are still questions that need to be addressed.I took a closer look at these earlier this week.
“A more interesting question on the price will be around the pricing in the Google Store. The Pixel 9a has been discounted by $100 in the US store for a long time before the Pixel Black Friday offers. There’s every chance that the discount stays in place for Christmas. Will this forever discount carry on into the new year? What happens when the Pixel 10a arrives? Does the Pixel 9a remain discounted, and does the Pixel 10a lock in at $499 for the summer? Or does the continued use of older silicon see the 9a quietly removed from the portfolio, leaving the Pixel 10a as he sole ‘A-class’ on sale as a new handset?”
Nubia Fold Details Published
The first folding smartphone from Nubia has been confirmed by Japanese network Y!mobile. The Nubia Fold has appeared on its website, with a list price of 178,560 yen ($1,145). Given the specs, this is a very competitive offer, especially if this Fold gets a global release. GSM Arena has collected the specs, including the all-important display.
“The nubia Fold features an 8-inch main display with 2,480 x 2,200px resolution and a 6.5-inch cover screen with 2,748 x 1,172px resolution. Both panels offer 120Hz refresh rates, and the main panel supports split view modes for certain apps…
America Is Ready For The OnePlus 15
Following its global release, those looking for the OnePlus 15 in the United States were left in limbo. Without FCC certification, the device cannot go on sale, and with the government shutdown, no certification could be issued. Well, that hurdle has now passed. As GSMArena notes, the FCC is back in business, the certification has been issued, and the OnePlus 15’s US adventure is set to continue.
And Finally…
Google has released the source code for its latest Android update, feeding it back into the open-source community. Given the two-month delay in the release of Android 16’s QPR1, the community is taking the almost immediate release of QPR2 as a positive sign.
“Given that context, some developers worried Google might repeat that strategy and withhold Android 16 QPR2’s source code for an unspecified time. Thankfully, that hasn’t happened. Google started uploading Android 16 QPR2’s source code almost immediately after releasing the update. This suggests the previous delay was indeed tied to the mid-cycle Pixel Drop, and that today’s update — while not officially labeled a Pixel Drop — is one in all but name.
Android Circuit rounds up the news from the Android world every weekend here on Forbes. Don’t forget to follow me so you don’t miss any coverage in the future, and of course, read the sister column in Apple Loop! Last week’s Android Circuit can be found here, and if you have any news and links you’d like to see featured in Android Circuit, get in touch!
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