[NEWS] Cryptocurrencies have been banned in Pakistan

[Spoetnik]

https://www.neowin.net/news/cryptocurrencies-have-been-banned-in-pakistan

The State Bank of Pakistan has issued a circular on its website banning the usage of any virtual currency. Banks will not be able to allow customers any transaction in the form of cryptocurrencies.

 

Drown losers..

[AssemblY]

Well, no one is equal to Pakistan so ... nothing has changed for the crypto currency market. We continue to live on

[Febo]

https://www.neowin.net/news/cryptocurrencies-have-been-banned-in-pakistan

The State Bank of Pakistan has issued a circular on its website banning the usage of any virtual currency. Banks will not be able to allow customers any transaction in the form of cryptocurrencies.

 

Drown losers..

OMG not the Pakistan. All we need is that crypto gets baned by Talibans in afganistan, then we will be really screwed.  Well, good that I sold all my coins in 2013 at ATH.

[kryptqnick]

Their local currency is going down this year comparing to dollar (though not really significantly), so perhaps they are just afraid that cryptos will make things worth for their economy. Surely, this does not justifies their move, because they kind of have stable economy in their country and the free market would probably not make a huge difference. This is a big step down for this state. They are supposed to be pro-Chinese, while Asian crypto market is really strong. They made a weird move.

[Aminmon]

This is obviously bad news.
But as more big countries accept bitcoin, I think the smaller congress will accept it again.

[jinxcreedy]

These countries banning cryptocurrencies are just myopic and ignorant as far as I can say.  Why ban what will give you one of the best things that eludes the current societal structure - Trust and debt free economy?

PK action is insignificant to the whole crypto world

[jouns]

Well, the government of Pakistan thought about - than connect the country to the Internet, it is more convenient to prohibit crypto currencies. 

[krassy]

This decision of the authorities of Pakistan certainly had a great impact on cryptocurrencies))) apparently this country has strong grounds for such a decision, this year will definitely go down in the history of cryptocurrency development as the most controversial-on the one hand, many States seek to legalize and take control of the cryptoworld, on the other hand, many opportunities for the rapid development and prosperity of the crypto.

[Carina.P]

This decision of the authorities of Pakistan certainly had a great impact on cryptocurrencies))) apparently this country has strong grounds for such a decision, this year will definitely go down in the history of cryptocurrency development as the most controversial-on the one hand, many States seek to legalize and take control of the cryptoworld, on the other hand, many opportunities for the rapid development and prosperity of the crypto.

I feel that the impact is not big. Digital assets have not been recognized by governments, but they have been developing very highly. It's the same right now.

[bayudndy]

So many country trying to banned cryptocurency should we go sell our coin now? or just hold it, this news make me panic.

[Kate Beckett]

I do not think that this ban will affect the global crypto currency market. However, for the people of Pakistan this is bad news. Such a ban is an example of how governments are trying to resolve transactions with crypto-currencies. The Central Bank of Pakistan refers to the fact that virtual currencies such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond, etc., or ICO tokens are not a legitimate means of payment that the government of Pakistan issues and guarantees. But in fact, I think that they simply decided to go the easy way - to ban - instead of sorting out the issue and providing favorable conditions for working with the crypto currency both for government agencies and for the citizens of the country.

[lovemsngr]

Well, that is unfortunately sad news, but lucky we that some big countries instead of Pakistan banned the crypto. Crypto has been banned in some countries, hoping that it is not going to be continued...

[NeedIfFindIt]

These countries banning cryptocurrencies are just myopic and ignorant as far as I can say.  Why ban what will give you one of the best things that eludes the current societal structure - Trust and debt free economy?

PK action is insignificant to the whole crypto world

Well, this is not like what u said. There are benefits for them, because crypto is uncontrolled world, where the governments are not able to get taxes. If the country has crisis, of course they will ask more money to just live better.

[TreXzar]

I wonder if thats why we had a mini drop in prices yesterday? it was all green for a few days and then had a mini blood bath for seemingly no reason. I guess people are speculating the effects then realised this had little to no impact, and now we are set for another green run.

[xianbits]

What's new?
Heard the same news from different countries. Their government may be playing safe for not tolerating crypto-uses but they're totally and unintentionally preventing something good to happen with their fellow countrymen.

[Marma Kalari]

So many country trying to banned cryptocurency should we go sell our coin now? or just hold it, this news make me panic.

The ban is similar to one introduced by India where they are not able to trade with their local fiat currency and in India they have appealed against the fiat ban in court and next month we will hear the verdict but i am not sure whether it is possible to get that to court as their political system is different from India, what ever it may be it does not make any difference in the global market.

[kindbtc]

This will not have much effect basically the countries are not aware about the underlying technology, that is why all these countries are announcing to ban anything that they are not able to tax and register in any of their department, as soon as they realize what blockchain brings they will allow it.

[AshdiD22]

Their currency is struggling with the economic process. Probably, they will unban the crypto, but not for now, it is leading them to lose a lot of money, actually there are reasons that we may understand.