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

Srijana Dey

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Bitcoin banned in Pakistan - State Bank of Pakistan
Source: Wikimedia Commons

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.

SBP announcement regarding virtual currencies on Twitter

SBP announcement regarding virtual currencies on Twitter

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.

SBP's reason on why cryptocurrencies are banned

SBP’s reason for why cryptocurrencies are banned

Saad Shakeel, an FX trader said:

“I m from pakistan and its been a long back FIA is operational against btc traders but now cemtral bank is alao in action. But the funny thing is most of btc users in Pakistan dont use local banks for purchasing their coins they use cash or purchase from abroad.”

Muneeb Ahmed's opinion on the ban

Muneeb Ahmed’s opinion on the ban

On a recent news post, following are the comments:

Crypto wolf, a cryptocurrency enthusiast says,

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

A Twitterati says,

“The fact that the bitcoin price hasn’t changed says a lot about how much influence pakistan actually has on the markets.”

Farhan Khan, another Twitterati says,

“India and Pakistan having the same opinion for the first time. Both of the government crippling any hope of the commoner left for a better financial condition. May god have mercy on the people from both the countries.”

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2 Comments

2 Comments

  1. azhar

    April 9, 2018 at 11:27 AM

    First top the Urdubit.com and localbitcoins.com websites then take action BTC Holders

  2. abdul haq

    December 15, 2018 at 4:58 AM

    Banning Future currency? This is not solution. Govt should control on bitcoin transaction to earn tax and legalized permissible by law.

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