Monday, February 26, 2024

State Bank of Pakistan Recommends that all Cryptocurrencies be Outlawed Completely

The State Bank of Pakistan (SBP) has suggested a blanket ban on all cryptocurrencies, citing worries that cryptocurrency trading will result in a loss of foreign exchange.

The recommendations were made in a report given to the Sindh High Court on Wednesday by the central bank.

The government was instructed by the high court last year to appoint a high-level committee to assess the legal status of cryptocurrencies, in which Pakistanis are investing millions of rupees due to a lack of clear norms and regulations.

The order was granted when the court was considering a petition challenging an SBP order dated April 6, 2018 that urged banks and payment system operators to “refrain from processing, using, trading, holding, transferring value, promoting, and investing in virtual currencies and tokens.”

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