On Friday 06th April, 2018 The State Bank of Pakistan banned all cryptocurrencies like Bitcoin, Litecoin, Pakcoin, Onecoin, Paydiamond, Dascoin etc in Pakistan.
Cryptocurrency has pros and cons and has a high risk factor. Most of the nations accepted the digital currency but few countries has rejected, and now Pakistan is in the same list. This action has been taken to keep safe citizen from Initial coin offering fraudulent, Cyber security, and illegal activities and also because of high fluctuation in bitcoin price, which causes a high loss to citizens.
The State Bank officially announced that,
“The SBP has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such virtual currencies/coins/tokens in Pakistan,” it said in the statement.
“All banks, development financial institutions, microfinance banks and payment system operators, payment service providers are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens.
“Further, they will not facilitate their customers/account holders to transact in VCs/ICO Tokens. Any transaction in this regard shall immediately be reported to the Financial Monitoring Unit (FMU) as a suspicious transaction,” added the SBP in the statement.
Bitcoin Banned in Pakistan
Market can goes further drop due to both Pakistan and India banning news. A popular exchange of Pakistan Urdubit is closing now. Urdu bit is the Pakistan’s first Bitcoin trading plateform. Urdubit has also posted on facebook page that they are closing Urdubit, right after the SBP notice.
It also requested by Urdubit to all account holders to withdraw their money as soon as possible before they close Urdubit. Urdubit officially announced in English and Urdu that,
Due to the current stance on Virtual Currencies by SBP we will be closing doors. Please withdraw your funds as soon as possible.
SBP nay update kia hay kay Virtual currencies allowed nahee hay Pakistan may. Is ko follow kertay howay hum apni operations band ker rahain hain. App please apnay funds withdraw kerlain.
Update 1: Meray payray bhion aur bhano arguments baad may bhee hoo sakti hain. Is waqat app kay funds hamrai top priority hain. Major issue PKR kay please mehrabani ker kay un ki withdrawal request ker dain.
You can also check State Bank of Pakistan notice about cryptocurrencies: www.sbp.org.pk/bprd/2018/C3.htm
In this statement bitcoin miners are not highlighted but holding, trading and using is now not allowed in Pakistan. So bitcoin mining is also cannot be accepted in Pakistan. We will keep you up to date regarding this news.
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