Mon. Jan 17th, 2022
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After Bitcoin was declared a legal tender by El Salvador in September last year, cryptocurrency has begun to be taken seriously by many parts of the world. However, this market may face some setbacks in Pakistan. Pakistan’s central bank is reportedly considering banning all cryptocurrencies in the country. According to Chainalysis’s Global Crypto Adoption Index, Pakistan ranks third among the top 10 countries with the most crypto users.According to a Samaa report, the State Bank of Pakistan (SBP) has filed a document in the Sindh High Court, declaring cryptocurrencies such as Bitcoin “illegal” and not usable for trade.

The SBP has also allegedly suggested that fines should be levied against crypto exchanges operating in Pakistan.

The document submitted to the court by the SBP cites at least 11 countries, including China and Saudi Arabia, which have banned cryptocurrency. At present, the court has not announced its final position on the legal status of cryptocurrency in Pakistan.

This is not the first time that Pakistan’s central bank has considered banning cryptocurrency and other related activities. In April 2018, Pakistan’s leading body banned transactions in digital currency. Recently, cryptocurrency exchanges have been involved in legal issues in Pakistan.<!–

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