Crypto Money Alert from Pakistan's Central Bank

The State Bank of Pakistan (PDB) issued a new announcement about the crypto money, warning citizens and financial institutions in the country.

In the announcement made by the central bank of the country:

"Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond and so on. digital moneys / coins / tokens are not recognized as official payment instruments nor are any licenses issued by PDB for the production, sale, purchase, investment of such currencies. "The remarks reminded us that crypto money is not yet 'legal' in Pakistan.

Another section of the statement made by the State Bank of Pakistan on the website and spreading rapidly in social media is as follows:

"Banks, development banks, microfinance banks, payment system operators and payment service providers will not allow customers / account holders to trade on digital money / ICO tokens. Any transaction made in this way will be reported to the Financial Supervisory Department on the grounds that it is suspicious. "

The people of the central bank warned of any losses that could have been caused by investment in crypto money. In the announcement that the crypto money is not legal in Pakistan, it is stressed that there is no authority for citizens to get help in any financial loss that may be experienced.

After the central bank of the country published this statement, many people tried to communicate with the bank, but there was no comment or explanation other than the announcement issued by the bank on the site. However, this development in Pakistan has already begun to affect the crypto money markets.
At the same time, the Bank said that crypto money prices could change frequently, and that the prices on the market are based on speculation to a large extent. It is also emphasized that crypto money is frequently used in systems such as the happiness chain, and that this poses a serious threat to the public.

It is also stated that people who transfer money out of the border using crypto money can be subject to legal action under certain laws:

"We warn (Pakistan) people to avoid possible financial losses and actions such as digital money mining, trade, transfer, promotion and investment to prevent legal sanctions."

Urdubit, who was founded in Pakistan in 2014, wanted to change the crypto paralysis of people in Pakistan and to strengthen the sector. However, after the announcement made by the PDB, the stock market announced that the stock exchange would close. Let's also say that Urdubit is the first crypto money market in Pakistan.

The Urdubit team, who made the announcement on the face of the stock market via Facebook, warned its customers to "take their money as soon as possible".