State Bank of Pakistan [SBP] has announced that Bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan. This news was followed right after India banned Bitcoin and cryptocurrencies.
The bank has issued an official notice on its website and has also posted the news on its official Twitter account.
The State Bank of Pakistan uploaded on its official website that cryptocurrencies such as Bitcoin, Litecoin, Pakcoin, etc. are not to be recognized as legal tender by the government. Individuals are also not authorized for any sale, purchase, exchange or investment in any of these virtual currencies or tokens in Pakistan. They have also declared that they have no intention of ever legalizing it again. The general public of Pakistan has been warned that any transaction with Virtual Currency is a punishable offense leading to “financial loss and legal implications.”
The official notice adds that since the virtual coins provide “high level of anonymity”, they can be used for “illegal activities” by fraudsters such as offering pyramid style investment schemes and coins promising high returns to the investors. People involved in cryptocurrencies will not be provided with legal protection if any loss is occurred due to involvement in cryptocurrencies/Token/ICO’s.
On a recent news post, following are the comments:
Crypto wolf, a cryptocurrency enthusiast says,