State Bank Of Pakistan Ban Crypto
State Bank of Pakistan (SBP) has warned the general public against using virtual currencies/coins/tokens such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond, etc. on Friday. Any person found using virtual currencies/coins/tokens for the purpose of transferring money outside Pakistan will be subject to prosecution as per applicable laws.
The central bank also asked commercial and microfinance banks, as well as Payment System Operators (PSOs)/ Payment Service Providers (PSPs) to avoid facilitating their customers/account holders who want to carry out transactions in the form of virtual Currencies/Initial Coin Offerings (ICOs) /tokens.
SBP’s circular says that these cryptocurrencies are neither recognized as a “Legal Tender” nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such virtual currencies/coins/tokens in Pakistan.
“Virtual currencies/coins/tokens provide a high degree of anonymity and can be potentially used for facilitating illegal activities.”
“Also due to the ambiguous nature of Virtual Currencies, no legal protection or recourse is available to any individual,” the circular added
Why Crypto Is Ban
The ban on cryptocurrencies has been issued in light of the following risks:
High price volatility as investments tied to virtual currencies are highly unstable and are primarily based on speculations;
Failure/closure of virtual currency exchanges/businesses due to any reason including action by law enforcement agencies; and
Hacking/security compromises of cryptocurrency exchanges and wallet businesses, as a number of instances have been recorded around the world where a huge amount of funds have been lost due to the exchange/wallet operations being hacked/compromised.
bad news.. but why it is ban
nice post ......khair ha ho gata hai
hahahaha bilkal ya kuta a jata ha
Can we alternately purchase steem or steem dollars by spending money, or is it also banned?
yes we can purchase steem or sbd by alternating way..
As per the post, cryptocurrencies are banned, steem is also a crypto, is it allowed or banned? and what is the alternating way to purchase steem?
we can buy steem through brokers.. e.g the people who trade with bitcoin or eth..