Monday, December 4, 2023

SBP Reacts to FIA Crypto Trading Credit Card Ban

The State Bank of Pakistan (SBP) has announced that the Federal Investigation Agency (FIA) should examine unlawful cryptocurrency transactions.

In response to ProPakistani’s concerns, an SBP representative said the FIA would be the proper body to examine any illicit cryptocurrency transactions. He made it clear that the central bank does not have the right to investigate anyone for engaging in criminal behaviour.

The spokeswoman said the central bank has issued a clear direction to the banking industry regarding the illegality of dealing in cryptocurrencies, citing the recent FIA seizure of over 1,000 bank accounts.

In response to a question, the spokeswoman said SBP was studying cryptocurrencies for its future monetary policies in the country. “The matter for cryptocurrencies in Pakistan is still sub judice,” he remarked, prohibiting public discussion.

Despite promises of a regulatory shift toward recognising digital assets as legal currency, the situation is presently exceedingly unsettled. Circular No. 3 of the Banking Policy and Regulation Department (BPRD) issued 6 April 2018 prohibits the sale and purchase of virtual assets.

These individuals had made 2,923 transactions worth Rs. 51 million using online exchanges including as Binance, Coinbase, and Coinmama. Individuals who used Binance P2P to acquire or sell cryptocurrency had their bank accounts suspended.

As of July 2021, Pakistan ranks 15th globally in digital currency use. Pakistanis presently own cryptocurrencies worth $20 billion, according to FPCCI President.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments

Read more

Latest news
Would love your thoughts, please comment.x