Pakistan’s central bank has told banks and other financial services providers not to support virtual currency transactions. The State Bank of Pakistan (SBP) advised the general public in a statement on its website and in a tweet that it regulates both domestic and international payment and money transfer services.
Pakistan’s announcement on Friday follows one by India’s central bank from having any links to virtual currency dealers, which immediately slashed cryptocurrency prices on local exchanges.
Source:
https://www.ccn.com/pakistan-central-bank-bans-banks-from-cryptocurrency-ico-transactions/The Pakistan government and the banks are not against the concept of cryptocurrencies but have issue with the anonymity attached to it. They claim it is very difficult to track transactions between organic entities and cannot tell when terrorist are funded and also other money laundering issues.
All these issues are being addressed as EU have urged all exchanges within their jurisdiction to include KYC into their sign up requirements in other to know persons tied to a specific transaction. All the same, cryptocurrency is not dead and won't die. This era shall pass and cryptocurrency will be more refined.
