After debt, now Pakistan is troubled by cryptocurrency, may soon ban

After Bitcoin was declared legal tender by El Salvador in September last year, the cryptocurrency has started to be taken seriously by many parts of the world. However, this market may face some hurdles in Pakistan. The Central Bank of Pakistan is reportedly considering banning all cryptocurrencies in the country. According to Chainalysis’ Global Crypto Adoption Index, Pakistan ranks third among the top 10 countries with the most crypto users.

According to a report by Samaa, the State Bank of Pakistan (SBP) has submitted a document to the Sindh High Court, describing cryptocurrencies like bitcoin as “illegal” and unusable for trading.

SBP has also reportedly suggested that a fine should be imposed against crypto exchanges operating in Pakistan.

The document submitted to the court by SBP cited at least 11 countries, including China and Saudi Arabia, that have banned the crypto space. As of now, the Court has not announced its final stance on the legal status of cryptocurrencies in Pakistan.

This is not the first time that the Central Bank of Pakistan has considered banning cryptocurrencies and other related activities. In April 2018, Pakistan’s top institution banned transactions in digital currency. Recently, crypto exchange Binance was involved in legal issues in Pakistan.

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