Despite virtual currencies being in-demand, their usage in Pakistan has been insignificant when compared with other countries such as the U.S.
The State Bank of Pakistan has now issued a circular on its website prohibiting the issuance, purchase, sale, investment or exchange of any virtual currencies or initial coin offerings (ICO) in Pakistan.
The bank has reiterated that no entity has been authorized for dealing in any form of cryptocurrency, such as bitcoin, Pakcoin, Litecoin, and more. Furthermore, all banks have been specifically advised to avoid investing in these currencies.
In addition, any transaction of cryptocurrencies will be reported as suspicious, with legal action being taken by the Financial Monitoring Unit (FMU) against any individual involved.
