Pakistan has followed suit by announcing that crypto use in the country is illegal. Publicly announced by the State Bank of Pakistan, both individual and corporate use of digital currencies for fulfillment of international transactions is liable for prosecution in line with current financial laws in the country.
The ban has been enforced against all forms of crypto trading and transactions. A clampdown on international monetary exchange using crypto has also been indicated by the bank. ICO operations have also been the target of recent reform with the Bank pushing for payment processors to avoid facilitating ICO token sales and purchases.
CAUTION REGARDING RISKS OF VIRTUAL CURRENCIES
General Public is advised that domestic and international payment and money transfer services in Pakistan are regulated by SBP under the applicable laws.
There have been a number of reasons behind the ban on crypto use,. The bank cited the potential of crypto use to exploit civilians as a major flaw. The bank highlighted the use of such technology within pyramid schemes which have gained significant notoriety among the country’s population. Another flaw pointed out by the platform was the volatile nature of crypto markets themselves.
The response to the news has been split with many against the move. Many remain outraged at the ban itself as it will effectively destroy the trading market which has developed in the country. Civilians around the country will no longer be able to trade cryptocoins either as payment processors have been advised not to process transactions associated with crypto.
Disclaimer: Please abide by laws in your country when dealing with cryptocurrencies. BTC.NG or the author do not condone illicit use of bitcoin and other such tokens and can not be held legally liable for any individuals actions.