State Bank Bans Cryptocurrencies in Pakistan

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The State Bank of Pakistan (SBP) advised the general public in a statement on its website that “Virtual Currencies/Coins/Tokens (like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc.) are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan”. SBP said anyone using virtual currencies to transfer funds outside Pakistan could be prosecuted.

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