KARACHI – In a major development, the State Bank of Pakistan (SBP) has banned cryptocurrencies in the country, citing its failure to understand cryptocurrencies.
While the volume of trading remains on the lower side in Pakistan, Bitcoin’s phenomenal rise in value during 2017 tempted many to open accounts with various exchanges and trade, which the central bank confessed it could not quite get either.
“While its acceptance at the merchant level in the country is negligible, since many users individually have expressed their temptation to trade in cryptocurrencies we tried to give it a shot as well,” the SBP said in a press release.
“But alas, it was too complicated and hence we decided that we just couldn’t allow it to continue,” the press release continued.
A circular on the official website further read: “All banks, development financial institutions, microfinance banks and payment system operators, payment service providers are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens, especially if you like us have struggled to figure out cryptocurrencies.”
“Those that have understood it as hereby instructed to see the central bank first thing after work hours on Monday.”