Cryptocurrency - Pakistan's Central Bank Confirmed No Ban of CryptoCurrency

in LeoFinance6 months ago

Hello Everyone! How Are You?

Hope you all are fine and having good time on the platform. Today I have read a new about cryptocurrency in Pakistan. The Central bank has announced that no crypto is ban in Pakistan.

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The Securities and Exchange Commission of Pakistan has published a paper discussing cryptocurrency regulation in the country. Meanwhile, the central bank has reportedly confirmed that there is no cryptocurrency ban.

No Crypto Ban

The State Bank of Pakistan has reportedly clarified that cryptocurrency is not banned. The central bank’s lawyer recently told the Sindh High Court that the bank issued a warning about dealing in cryptocurrencies, including bitcoin, but did not ban them.


Pakistan’s central bank issued a circular dated April 6, 2018, advising financial institutions, including banks and payment service providers, “to refrain from processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens.” It further states that financial institutions “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.”

This circular is similar to the one issued by India’s central bank, the Reserve Bank of India (RBI), which imposed a banking ban on the crypto industry. The RBI circular was quashed by India’s supreme court in March and the banking ban was lifted in India.

Waqar Zaka, a television presenter who has been actively petitioning to lift the ban imposed by Pakistan’s central bank, said that the country’s crypto ban has been misreported by the media and the Federal Investigation Agency (FIA) has falsely been arresting people for possessing bitcoin. Emphasizing that the arrests must stop, Zaka explained that “Parliament has not passed any law to ban” bitcoin or other cryptocurrencies in Pakistan.

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Pakistan government seems to be clever enough not to fight crypto. Look at Iran and see a better example of a state circumventing US sanctions by using BTC.

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@acesontop Actually there are some real reasons behind it. Its good for Pakistanis that cryptocurrencies are not ban in Pakistan because now we can easily work on Hive even it allow us to promote hive in Pakistan :)

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That is good. I would suggest trying to promote the idea of Leofinance. It seems to be having an immediate impact upon some lives around the world.

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Yes, it would have been awful to earn tokens and not be able to cash out if willing to.

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Bitcoin (all cryptocurrency) is a great way to get around tyranny.

In the instance you mentioned, the US Government is the tyrannical force.

Freedom is there for whomever needs it.

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Tell Iran, Bitcoin is not financial freedom...

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Thanks for the information.

The next time, to maximize votes, maybe add a bit more to your post. Some personal insight/thoughts on what is being posted about is always appreciated.

A valid topic which can open the door to some nice discussions.

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