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Central Bank of Pakistan considers ban on purchase of Cryptocurrency and ICO

Pakistan’s Central Bank is the latest institution to put a ban on Cryptocurrency trading, issued a statement stating that they will not permit financial institutions working with Cryptocurrency firms.

In a website the Bank of Pakistan posted that:

..all Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/Payment Service Providers (PSPs) are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in Virtual Currencies/Tokens. Further, banks/DFIs/Microfinance Banks and PSOs/PSPs will not facilitate their customers/account holders to transact in VCs/ICO Tokens. Any transaction in this regard shall immediately be reported to Financial Monitoring Unit (FMU) as a suspicious transaction.

At the time of press, the announcement was already made on the cryptocurrency view but no comment has been passed by the Central Bank yet.

In Pakistan, Urdubit was first the bitcoin exchange platform which started trading of cryptocurrency in the country. They started this platform in the year 2014 to introduce investors to invest in it so, that they may move forward with the support in the world of crypto.

The Central Bank of Pakistan announced the statement through Facebook, where the customers are requested to please withdraw their funds as soon as possible as the bank will not allow such transactions anymore.

The Urdubit posted a link to the statement from the central bank on Facebook in which they add the warning about the transactions which soon will be stopped.

The co-founder of blinktrade, Rodrigo Souza, spoked to coinbase and shared his views about the latest statement issued by the Central bank, he said the banks aim to stop people from Investing in Cryptocurrency and ICO’s.

The Banks and Governments will soon fight against the Bitcoin as investing in Bitcoin means to run central bank over commercial banks. They add on: ‘We are working hard to return all PKR to all our customers before our bank closedown our accounts.’’

The Central Bank of Pakistan had taken this move after India’s Central Bank has stopped Banks dealing with cryptocurrency exchange. The CoinDesk reported that the investors will soon sue this dispute to India high court.

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