Digital Currencies in Pakistan: State Bank of Pakistan issues important instructions

Shares
Digital Currencies in Pakistan: State Bank of Pakistan issues important instructions

ISLAMABAD - The State Bank of Pakistan has declared the digital currencies, tokens and coins as illegal, advising all concerned and general public to report those making transactions in digital currencies or coins to the Financial Monitoring Unit of the bank.

The central bank issued a circular declaring that all digital currencies and coins including Bitcoin, Litcoin, Pakcoin and other are not legal tender thus are illegal.

The bank reminded the general public that there was a ban on the sale and purchase of digital currencies and coins in the country. ------------------------------

The central bank has advised the general public to stay away from digital currencies or coins’ business. The bank said that the central bank will not legitimize the currencies.

Technology