Pakistan has banned banks from processing transactions with cryptocurrencies

Behind Central Bank of India, financial controller Pakistan has banned banks and other providers of financial services operations with cryptocurrency.

«Anyone who uses virtual currency to transfer funds outside of Pakistan, can be held accountable. Any person using the digital currency, coins or tokens for transfer of money outside Pakistan, will be prosecuted in accordance with the laws of the country», – reads the statement of the Central Bank of Pakistan (SBP).

The regulator also forbade commercial banks, microfinance companies, payment system operators and payment service providers to facilitate customers in conducting cryptocurrency transactions.

SBP said that does not recognize the cryptocurrency as legal tender and did not give authority or license to any entity for the issue, sale, purchase, exchange, or investing in them.

Its decision, the Central Bank argues for the existence of risks associated with the volatility of the cryptocurrency, the price of which «is mainly based on the speculation», the closure of cryptocurrency exchanges and a large number of breaches.

In addition, in Pakistan, cases where the fraudsters have begun to offer investment schemes like pyramid, promising a high level of income. SBP warns that such schemes are similar to Ponzi schemes, can cause considerable damage.

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