Virtual Currencies/Tokens became Illegal in Paksitan

State bank of Pakistan have issued a circular on 06 April 2018 that clearly warns the General Public, traders and exchanges in Pakistan against using virtual currencies/coins/tokens . Cryptocurrencies became popular in 2017 when Bitcoin (BTC) which is one of the Top crypto currency breaks $20,000 mark for the first time in history of Cryptocurrencies.

State Bank of Pakistan have issued the following statement on 6th April:

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Prohibition of Dealing in Virtual Currencies/Tokens

          Virtual Currencies (VCs) like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings (ICO) tokens are not legal tender, issued or guaranteed by the Government of Pakistan. 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.

In view of the foregoing, all Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/Payment Service Providers (PSPs) are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in Virtual Currencies/Tokens. Further, banks/DFIs/Microfinance Banks and PSOs/PSPs will not facilitate their customers/account holders to transact in VCs/ICO Tokens. Any transaction in this regard shall immediately be reported to Financial Monitoring Unit (FMU) as a suspicious transaction.

After the SBP announcement, the Main Cryptocurrency Exchange in Pakistan ‘Urdu Bit’ shuts down its operation in Pakistan.

urdubit shut down was also one of the top websites in Pakistan regarding Digital/Cryptocurrencies  services. They also suspends its operation after SBP announcement.

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