{"id":149495,"date":"2022-01-13T11:27:13","date_gmt":"2022-01-13T11:27:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=149495"},"modified":"2022-01-13T11:27:13","modified_gmt":"2022-01-13T11:27:13","slug":"pakistans-central-bank-reportedly-wants-to-ban-crypto","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/pakistans-central-bank-reportedly-wants-to-ban-crypto\/","title":{"rendered":"Pakistan\u2019s central bank reportedly wants to ban crypto"},"content":{"rendered":"

The State Bank of Pakistan (SBP) is reportedly seeking to ban all cryptocurrency transactions in Pakistan.<\/p>\n

Pakistan\u2019s Sindh High Court reportedly held a hearing related to the legal status of cryptocurrencies in the country, in which several Pakistani authorities, including the SBP, submitted a document to the court, arguing that cryptocurrencies like Bitcoin (BTC) are illegal and cannot be used for trade.\u00a0<\/p>\n

According to local news channel Samaa TV, the\u00a0document\u00a0cited at least 11 countries,\u00a0including China and Saudi Arabia, that have\u00a0opted to ban cryptocurrencies. The Pakistani central bank reportedly urged the court not only to ban cryptocurrency activity but also to impose penalties against crypto exchanges.<\/p>\n

The SBP also referred to several investigations against crypto exchanges by the Federal Investigation Agency (FIA), citing investor protection risks as well as money laundering and terrorism concerns. As previously reported, the FIA started a criminal investigation against Binance, the world\u2019s largest crypto exchange, in early January, alleging a possible linkage to a multi-million-dollar crypto scam in the region.<\/p>\n

Despite the SBP recommending a blanket ban on crypto, the Sindh High Court has not ordered a ban on crypto transactions in Pakistan just yet.\u00a0<\/p>\n

Instead, the court has ordered that the bank\u2019s appeal be sent to the finance and law ministries, which will make a final determination on the legal status of cryptocurrencies in the country and ascertain whether a crypto ban would be constitutional.<\/p>\n

The news comes years after the SBP issued an initial prohibition on dealing in digital currencies and tokens back in April 2018. At the time, the central bank argued that cryptocurrencies such as Bitcoin or initial coin offerings were not legal tender and were not \u201cissued or guaranteed by the government of Pakistan.\u201d<\/p>\n

SBP\u00a0did not immediately respond to Cointelegraph\u2019s request for comment. This article will be updated pending new information.<\/p>\n

Related: <\/em><\/strong>The number of countries banning crypto has doubled in three years<\/em><\/strong><\/p>\n

The latest moves by the Pakistani government echo similar events developing in many countries, including India and Russia, where the central banks are trying hard to ban crypto, while other parts of the government are not necessarily inclined to such a ban. In 2020, India\u2019s \u200b\u200bcentral bank had to lift its ban on banks\u2019 dealings with crypto-related firms in accordance with an order by the country\u2019s Supreme Court.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The State Bank of Pakistan (SBP) is<\/p>\n","protected":false},"author":3,"featured_media":149494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nPakistan\u2019s central bank reportedly wants to ban crypto - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/pakistans-central-bank-reportedly-wants-to-ban-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan\u2019s central bank reportedly wants to ban crypto - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The State Bank of Pakistan (SBP) is\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/pakistans-central-bank-reportedly-wants-to-ban-crypto\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-13T11:27:13+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/01\/Pakistans-central-bank-reportedly-wants-to-ban-crypto.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/pakistans-central-bank-reportedly-wants-to-ban-crypto\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/pakistans-central-bank-reportedly-wants-to-ban-crypto\/\",\"name\":\"Pakistan\u2019s central bank reportedly wants to ban crypto - 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