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Author Topic: State Bank of Pakistan illegal the Crypto .  (Read 98 times)
waqasniaz007
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April 07, 2018, 06:10:33 AM
 #1

The recent news created FUD in whole pakistani crypto community and most of the traders and investors are in fear. Pakistani largest bitcoin rxchange urdubit is going to be closed.
State bank of pakistan circular notification.
http://www.sbp.org.pk/bprd/2018/C3.htm
Urdubit Official Post.
https://www.facebook.com/urdubit/posts/947766588719577

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April 08, 2018, 10:18:02 PM
 #2

That's bad for Pakistan Cryptocurrency users, but this will not have a big effect in the market, as the market there is very small.

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April 09, 2018, 03:26:15 AM
 #3

Pakistan is not rich in Crypto. Not that much people deals with Crypto there. So, I don’t think it would affect the market. It’s unfortunate for user there. Thanks for sharing the info.

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April 10, 2018, 10:13:30 AM
 #4

It is a very sad news that Pakistan’s largest bitcoin exchange Urdu bit is going to be closed. But there is nothing to create FUD by this news. This will definitely have some effect in Pakistan but will not have much effect on world bitcoin because Pakistan don’t have much influence in bitcoin.
Yes there is not too much influence but it's sad governments are comparing bitcoin with onevoin which is definitely ponzi scheme and that has happened because of onecoin because too many people were involved in one coin,  Government don't know anything about crypto because they can't differentiate the trusted bitcoin and ponzi scheme onecoin.

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April 10, 2018, 11:02:32 AM
 #5

First India now Pakistan is now also ordering all of financial institution under their central bank to stop any services dealing with cryptocurrencies, which is also the reason why Bitcoin exchange in their countries are now shutting down their services locally and transferring to a more crypto friendly countries. Hopefully this is just for temporary until they figure it out on how to regulate cryptocurrency. But this is very disappointing, they will ban banks from dealing with cryptocurrencies because of being unstable currency and because a lot of fraudsters use it for ponzi schemes, but the question I want to ask to those countries is why only now? a lot of years have passed and we have seen a lot of people do this crypto investments schemes but they are only acting right now. I really think that there is a hidden agenda on why they do this.

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April 10, 2018, 11:05:05 AM
 #6

hello my friend
I was surprised to read this news. But I believe, this news will slightly affect the market price of crypto. We should not panic reading news like this. think positive

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April 10, 2018, 11:07:13 AM
 #7

The bad news for crypto world Sad . It will be impact for the price of bitcoin. Since many country ilegalling crypto and many ads of bitcoin baned the price of bitcoin still down.

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April 10, 2018, 11:43:26 AM
 #8

No problem in this I do not see.
-  First, this news was expected, because Pakistan is a Muslim country and Islam is known against the BTC,
-  The official ban is easily overcome via VPN

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April 18, 2018, 01:27:15 PM
 #9

Pakistani largest bitcoin exchange urdubit is going to be closed?? really ?? this is sad man. i can't stand this kind of news. FUD is curse for our crypto currency community. very much angry about that.

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April 18, 2018, 01:35:40 PM
 #10

Luckily, they probably won't be able to do much apart from going after local exchanges. This is why we should deal in Localbitcoins and decentralized exchanges.

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April 18, 2018, 02:03:54 PM
 #11

Luckily, they probably won't be able to do much apart from going after local exchanges. This is why we should deal in Localbitcoins and decentralized exchanges.

The State Bank of Pakistan never banned the use of digital currencies. Although the advice is both the public and institutions against dealing in the coin, but it is not an outright ban. The entire world is getting behind crypto as they understand it's potential. I think Pakistan bank afraid because of power Bitcoin holds.

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April 18, 2018, 02:18:13 PM
 #12

Pakistani largest bitcoin exchange urdubit is going to be closed?? really ?? this is sad man. i can't stand this kind of news. FUD is curse for our crypto currency community. very much angry about that.

I don't know if this is real or fake news. However, I believed that if they really wanted to continue their business, they can just go out of the country just like what Binance and OKex did.

But the news didn't put significant dent on the price because we are still above $8K after a week of India and Pakistan's statement about their hard stance against crypto.

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April 18, 2018, 05:57:23 PM
 #13

Bank Negara Pakistan prohibits cryptocurrency such as Bitcoin, Litecoin, etc. not as a transaction tool, Individuals are also not authorized for any sale, purchase, exchange or investment in any currency or virtual token in Pakistan. They also stated that they did not intend to legalize it again. The general public of Pakistan has been warned that transactions using digital currency are against the law.

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April 19, 2018, 07:34:25 PM
 #14

In my opinion, they will probably be far away from the local exchange and will not be able to get the desired goals. That's why we are making every effort to do the work at the local Bitcoin and decentralized coins exchange. That's why the State Bank of Pakistan has illegal crypto.
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April 20, 2018, 01:14:17 PM
 #15

The issuance is made to warn and disallow all business establishments not to use and accept bitcoin since according to them it is not a certified legal tender. But this news is not so striking, even though bitcoin exchanges will not be allowed in Pakistan but it will not be a hindrance for the people of Pakistan to use bitcoin since they can just sell their bitcoins to dollars and convert the dollars to their fiat currency.

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May 07, 2018, 12:01:18 PM
 #16

Bitcoin has been declared legal according to sharia law so there is no reason for pakistan to close their exchanges. They will be missing out on a lot of taxable income by ruling themselves out of crypto trading

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May 07, 2018, 12:13:29 PM
 #17

Pakistan is a small country, so there is no need to worry.
The country's impact on the entire cryptocurrency market is fairly small.

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May 07, 2018, 12:30:44 PM
 #18

It is a very sad news that Pakistan’s largest bitcoin exchange Urdu bit is going to be closed. But there is nothing to create FUD by this news. This will definitely have some effect in Pakistan but will not have much effect on world bitcoin because Pakistan don’t have much influence in bitcoin.
Yes there is not too much influence but it's sad governments are comparing bitcoin with onevoin which is definitely ponzi scheme and that has happened because of onecoin because too many people were involved in one coin,  Government don't know anything about crypto because they can't differentiate the trusted bitcoin and ponzi scheme onecoin.
That is the excuse they use for censoring Bitcoin, their actual reason is the decrease of their power with financial systems like these.

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May 07, 2018, 01:00:13 PM
 #19

That's for their government to decide weather they want to advance their technology or not its up to them. on the other hand this will not affect the market because they are only a little people in Pakistan holding currencies.

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May 16, 2018, 11:30:12 AM
 #20

That's for their government to decide weather they want to advance their technology or not its up to them

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