ISLAMABAD: An official document obtained by ProPakistani has revealed that the State Bank of Pakistan (SBP) has no record of any cryptocurrencies bought or sold by Pakistanis.
The SBP has stated that crypto exchanges are based overseas and are not regulated by any authority in Pakistan, rendering it impossible for them to monitor such transactions.
The SBP has emphasized that cryptocurrencies are not recognized as Legal Tender, nor are they issued or guaranteed by the government. As a result, the SBP has not licensed any individual or entity for the issuance, sale, purchase, exchange, or investment in virtual currencies, coins, or tokens in Pakistan.
The document reveals that the SBP has instructed its regulated entities to refrain from processing, using, trading, holding, transferring value, promoting, and investing in cryptocurrencies. It has also urged these entities not to facilitate their customers in transacting in virtual currencies or tokens.
In the event of any suspicion about a transaction, the SBP has directed its regulated entities to file a Suspicious Transaction Report with the Financial Monitoring Unit (FMU) for further investigation in accordance with the Anti-Money Laundering Act 2010.
The SBP has clarified that cryptocurrencies are traded on virtual platforms such as crypto exchanges located in overseas jurisdictions, which are not monitored by any authority in Pakistan.
Therefore, the activity of purchasing and selling cryptocurrencies by Pakistani individuals cannot be verified.
Furthermore, since there is no centralized data available regarding the sale and purchase of cryptocurrencies, the SBP has asserted that the impact of such transactions on the national economy cannot be determined.
Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…
Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…
Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…
Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…
Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…
Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
