Bitcoin [BTC] and other cryptocurrencies criminialized in Pakistan – Notice by State Bank of Pakistan

State Bank of Pakistan [SBP] has announced that Bitcoin and other practical currencies/tokens/ coins are criminialized in Pakistan. This news was followed right after India criminialized Bitcoin and cryptocurrencies.

The bank has released an central notice on the website and has also posted the news on the central Twitter account.

SBP proclamation per practical currencies on Twitter

SBP proclamation per practical currencies on Twitter

The State Bank of Pakistan uploaded on the central website that cryptocurrencies such as Bitcoin, Litecoin, Pakcoin, etc. are not to be famous as authorised proposal by the government. Individuals are also not certified for any sale, purchase, sell or investment in any of these practical currencies or tokens in Pakistan. They have also announced that they have no goal of ever legalizing it again. The ubiquitous open of Pakistan has been warned that any transaction with Virtual Currency is a punishable offense heading to “financial detriment and authorised implications.”

The central notice adds that since the practical coins yield “high turn of anonymity”, they can be used for “illegal activities” by fraudsters such as charity pyramid character investment schemes and coins earnest high earnings to the investors. People concerned in cryptocurrencies will not be supposing with authorised insurance if any detriment is occurred due to impasse in cryptocurrencies/Token/ICO’s.

SBP's reason on because cryptocurrencies are banned

SBP’s reason for because cryptocurrencies are banned

Saad Shakeel, an FX merchant said:

“I m from pakistan and the been a long back FIA is operational opposite btc traders but now cemtral bank is alao in action. But the humorous thing is most of btc users in Pakistan dont use internal banks for purchasing their coins they use money or squeeze from abroad.”

Muneeb Ahmed's opinion on the ban

Muneeb Ahmed’s opinion on the ban

On a new news post, following are the comments:

Crypto wolf, a cryptocurrency fan says,

“Feel contemptible for the people there, but this news is not going to make any poignant waves in the crypto world.”

A Twitterati says,

“The fact that the bitcoin cost hasn’t altered says a lot about how much change pakistan indeed has on the markets.”

Farhan Khan, another Twitterati says,

“India and Pakistan carrying the same opinion for the first time. Both of the supervision crippling any wish of the commoner left for a better financial condition. May God have forgiveness on the people from both the countries.”

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