Cryptocurrencies do not have a legal status and should be completely banned on the territory of Pakistan, the nation’s central bank insisted.
90 days later, the central bank of Pakistan is ready with its decision proposing a complete ban on everything crypto, a local coverageThere are several reasons why the State Bank of Pakistan demands such severe rules. First, it pointed out that cryptocurrencies are illegal and could not be employed in trading operations. The institution named several countries where digital assets are prohibited, includingSecond, trading venues such as Binance and OctaFX pose risks for investors.
However, it is worth mentioning that BTC’s underlying blockchain technology is entirely transparent. All transactions are recorded on the digital ledger and can be seen by anyone with access to the Internet. On the other hand, cash remains the most preferred type of payment in illicit operations such as drug trafficking, terrorist funding, and prostitution.
Waqar Zaka – one of the most well-known Pakistani TV hosts and a crypto entrepreneur – opposed such legislation. In his view, a considerable chunk of locals trade with bitcoin and alternative coins, and the rules should stay the way they are.What Happened During The Previous Restrictions?
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