The government of Pakistan has decided to ban any use or exchange of Cryptocurrency in Pakistan. All the services available on the internet have been suspended to prevent illegal digital currency transactions as per the guidelines of global anti-terror financing. Once again making it to the headlines that “Pakistan Bans Cryptocurrency”
Pakistan Bans Cryptocurrency
The State Bank of Pakistan and the Ministry of Information Technology have stopped all Cryptocurrency holding and trading with immediate effect.
Minister of State for Finance and Revenue, Dr Aisha Ghaus Pasha has clearly stated that digital currency will never be legalized in Pakistan at any cost.
cryptocurrency will never be legalised in Pakistan
She also mentioned that “FATF (Financial Action Task Force) had set a condition that cryptocurrency will not be legalized”.
Why was the Ban imposed?
Endorsing Pasha’s views, SBP Director Sohail Jawad emphasized that crypto transactions involve “high risk”; therefore, it will never be granted permission in Pakistan.
Cryptocurrency is a virtual currency and more than 16,000 types have been formed so far,” he said, $2.8 trillion market has now shrunk to $1.2 trillion.
Like all other means of earning have no risk at all. These people have gone against one of the leading markets of the world just because the trading is “Risky”.
The cryptocurrency market was one of the fastest growing in Pakistan with people teaching trading and making huge money. Moreover, those people who were possessing any Currency will now be stuck and can’t sell it either.
What do you think of this? Share your thoughts in the comments below.
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