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Technology

State Bank Declared Crypto Currencies Illegal in Pakistan

Bitcoin - newz.pk

SBP has advised all concerned to report Financial Monitoring Unit of the bank if they find anyone making transactions in digital currency. SBP has declared all the digital and cryptocurrencies illegal like Bitcoin, Etherium etc. State Bank has issued a circular declaring all the digital currencies, tokens and coins illegal. It is for the information of all general public not to deal in any such currency.

The central bank issued a same kind of circular earlier this year to inform all the general public that SBP is not guarantee in any type of crypto transactions. Because of this SBP has officially announced not to deal in any type of digital currency.

Anyone can use crypto currencies for illegal activities easily. This is why Government has officially banned all type of transactions in crypto currency. State Bank officially declared crypto currencies illegal and anyone dealing in it may be treated as per law. No one can make any transaction on international level as well.

Many people have invested there lot of money in crypto currencies till date. There is a sudden decrease in the price of Bitcoin as well. Bitcoin is the most expensive digital currency and its value is now about $3500. The price was around $10,000 a few months back. So, we can conclude that SBP did a great job by declaring cryptocurrencies illegal in Pakistan.


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