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Bitcoin, Onecoin and many more declared illegal in Pakistan

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Bitcoin, Litecoin, Pakcoin, Onecoin, Dascoin and many others has been declared illegal by Pakistan’s central bank. According to circular No. 03 published on States bank Of Pakistan’s website, no Individual or entity has been authorized to issue, sell, purchase, or exchange any such virtual currencies and coins in Pakistan.

No dedicated legislation regarding cryptocurrencies has been adopted in the country yet. Authorities, however, have demonstrated negative attitude towards bitcoin on many occasions. The Federal Investigation Agency, which has conducted several operations against cryptocurrency traders, recently called on the government in Islamabad to declare digital currencies “persona non grata”.

Read Also: Crypto Forecast Imagination: What If Government and Financial Bodies Globally Declares Crypto Legal

All banks, microfinance entities, payment system operators and service providers are therefore “advised to refrain” from dealing in cryptocurrencies. That includes the “processing, using, trading, holding, transferring, and investing” in digital coins. SBP also says that banks and companies should not facilitate crypto transactions of their customers and account holders.

Pakistani banks have been asked to “immediately” report any such transaction to the Financial Monitoring Unit (FMU). All crypto transactions have been called “suspicious”. The circular letter is signed by the State Bank’s director Muhammad Akhtar Javed, who asks the banks to acknowledge receipt.

Read Also: Police Arrests four executives of two South Korean cryptocurrency exchanges.

According to Pakistani media, SBP has also warned citizens against using cryptocurrencies to transfer money abroad. Any person doing that will be subject to prosecution.

Is Pakistan imitating his near door neighbor India or what do you think? Drop your comments below. 

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