The central bank of pakistan is opposed to crypto-currencies

The central bank of pakistan, the SPB, comes to engage against the crypto-currencies, by issuing a circular forbidding to deal in digital currency. Signed by the director of the State Bank of Pakistan, this measure results in the country in the field of crypto-skeptics.

Radical measures

The circular announces a very clear color. In effect, the commercial banks and operators of payments no longer have the right to facilitate or enable transactions in crypto-currencies. It teaches that the use, trade, possession, transfer, and investment in technology BlockChain are prohibited. Any financial entity that is amenable to these manipulations will be reported immediately to the Unit of financial monitoring in pakistan.

Pixababy Hawksky / circular of the central bank of pakistan regulates strictly the use of digital currencies.

Also, it is prohibited from the date of issue of this circular to officially participate in the adventure of crypto-currencies in Pakistan. And the professionals are not the only ones concerned…

Surveillance increased

In effect, the circular also applies to pakistani citizens. Bank of pakistan discourages investment dangerous in crypto-currencies. And the measures go even further as all those who will send money in virtual currency, including those abroad, will be prosecuted immediately.

Pixabay MaxFonz / citizens are also concerned by the circular issued by the central bank.

In the same vein, the State Bank of Pakistan strongly discourages all the activities revolving around digital currencies. Thus, it is highly recommended not to mine, trade, or promote digital currencies on the soil of pakistan. The message is clear : people should stay away of these digital assets.

It is not a regulation but a circular. In fact, no law has been promulgated in the country, but the decision is very clear. The position is evident, which once again played in the detriment of Bitcoin and other crypto-currencies. This circular will certainly have an impact on the market of virtual currencies.

Source : News Bitcoin