Pakistan Central Bank Bans Banks from Cryptocurrency, ICO Transactions

[Goozzi]

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/

[1715411599]

1715411599

[1715411599]

1715411599

[usmanperwaiz]

it doesn't matter crypto world is here to stay. Sooner or later SBP will be trading in cryptos because it is the future as far as i know.

[hacekd]

it doesn't matter crypto world is here to stay. Sooner or later SBP will be trading in cryptos because it is the future as far as i know.

Not only Pakistan, some major countries have also banned the virtual currency. Virtual or cryptocurrency currencies are also banned in Singapore, Thailand, South Korea, Bangladesh, Vietnam, Russia, Colombia, China and Nigeria.

[cryptohunter]

it doesn't matter crypto world is here to stay. Sooner or later SBP will be trading in cryptos because it is the future as far as i know.

Not only Pakistan, some major countries have also banned the virtual currency. Virtual or cryptocurrency currencies are also banned in Singapore, Thailand, South Korea, Bangladesh, Vietnam, Russia, Colombia, China and Nigeria.

thailand and SK and Russia are regulating now not banning

[botany]

it doesn't matter crypto world is here to stay. Sooner or later SBP will be trading in cryptos because it is the future as far as i know.

Not only Pakistan, some major countries have also banned the virtual currency. Virtual or cryptocurrency currencies are also banned in Singapore, Thailand, South Korea, Bangladesh, Vietnam, Russia, Colombia, China and Nigeria.

thailand and SK and Russia are regulating now not banning

That is true. Most countries are trying to regulate cryptocurrencies, not ban them. They may act against ICOs because ICOs are perceived to be a circumvention of existing rules in place for fund raising.

[zhekinsp]

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/

Don't spread wrong news guys India didn't ban the crypto currencies yet or maybe not in the futre too the media that reported India bqnned the bitcoin was just by wrong understanding so this article also maybe due to that so media don't know anything about it they just keep spreading the wrong informations.

[markflayer]

It mean that crypto currency is recognizing itself. Atleast now Govt's are talking about it. Later they will adopt it.

[shafqatellahi78]

it doesn't matter crypto world is here to stay. Sooner or later SBP will be trading in cryptos because it is the future as far as i know.

Not only Pakistan, some major countries have also banned the virtual currency. Virtual or cryptocurrency currencies are also banned in Singapore, Thailand, South Korea, Bangladesh, Vietnam, Russia, Colombia, China and Nigeria.

thailand and SK and Russia are regulating now not banning

That is true. Most countries are trying to regulate cryptocurrencies, not ban them. They may act against ICOs because ICOs are perceived to be a circumvention of existing rules in place for fund raising.

this period is very curatial for crypto world  after all theas regulations means its going to be the mainstream and its a good sign for crypto

[Tigorss]

in a circular published on its website, State Bank of Pakistan (SBP) says that virtual currencies such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond or Initial Coin Offerings (ICO) are not legitimate means of payment, issued or guaranteed by the Pakistani government.

[milewilda]

it doesn't matter crypto world is here to stay. Sooner or later SBP will be trading in cryptos because it is the future as far as i know.

Not only Pakistan, some major countries have also banned the virtual currency. Virtual or cryptocurrency currencies are also banned in Singapore, Thailand, South Korea, Bangladesh, Vietnam, Russia, Colombia, China and Nigeria.

thailand and SK and Russia are regulating now not banning

That is true. Most countries are trying to regulate cryptocurrencies, not ban them. They may act against ICOs because ICOs are perceived to be a circumvention of existing rules in place for fund raising.

this period is very curatial for crypto world  after all theas regulations means its going to be the mainstream and its a good sign for crypto

They would really go to the path on where they would rather regulate them than on total ban because they would see benefits on their side on making such decision and even how hard they would impose restrictions or bans they cant still completely stop it and thats why they do decide to make regulations instead. Just like the same situation on my country on where Central banks are imposing regulations towards crypto transactions they are now making limits or rules.

[Basmic]

It mean that crypto currency is recognizing itself. Atleast now Govt's are talking about it. Later they will adopt it.

What makes you think that? Governments are afraid of bitcoin like the plague. I think all governments will follow this path. It's a matter of time. I never trusted the government. Now they're talking about the legalization of bitcoin just to have the opportunity to prepare for war.

[MoneyShot2]

Why they are banning? Come on Pakistan, its the future. You will be using cryptocurrencies in a while too!

[audaciousbeing]

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/

All the bans being dished out here and there, I wonder if its really affecting anything because the bans is just coming out, price takes the hit at one point, then rebounds in a matter of time which makes room for another round of ban but this time followed by the use of force. Little did they know that the more they out of this bans, the more they create another market to grow under the radar. Rather than having to send money to exchange sites bank account, like minded individuals would just create market place on various media such as WhatsApp, telegram, forums, groups and would transfer to fund to each other instead without raising any concern to the authority.

[sunsilk]

They surely did followed the India's central bank announcement of not supporting cryptocurrency transactions anymore.

Why they are banning? Come on Pakistan, its the future. You will be using cryptocurrencies in a while too!

You should have read the article and know what's the reason behind the ban.

Source: https://www.ccn.com/pakistan-central-bank-bans-banks-from-cryptocurrency-ico-transactions/

It mean that crypto currency is recognizing itself. Atleast now Govt's are talking about it. Later they will adopt it.

Well nice logic but we don't know if they will lift and change their minds later.

[Kemarit]

First it was India and then Pakistan. This year has been tough but I guess we can see some light at the end of the tunnel though. This negative news will really affect us no matter what, but the good thing is that its always been short-lived as we never seen central banks of any country putting a significant dent and only local exchanges are really affected by the news. But I personally belief that there are deeper reasons not mentioned by them. I speculate that they are really afraid how disruptive this technology is and another reason I see is that they are really worried of terrorist hiding and moving their funds and channeling it in their country. And its gonna be too late before the government can track them and make preemptive measures.

[marcbitcoins]

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/

Their government is close minded regarding their stand on Bitcoin existence in which they see Bitcoin is only a threat to their country that is why they are against it. But if they will just regulate the Bitcoin so that it could not be use in illegal activities such as money laundering then for sure they will see the advantages and greatness of Bitcoin in which it can be truly a help to their economy to become more strong and stable.

[Ridwan Fauzi]

it doesn't matter crypto world is here to stay. Sooner or later SBP will be trading in cryptos because it is the future as far as i know.

Not only Pakistan, some major countries have also banned the virtual currency. Virtual or cryptocurrency currencies are also banned in Singapore, Thailand, South Korea, Bangladesh, Vietnam, Russia, Colombia, China and Nigeria.

Is there a clear source that the Singapore government forbids cryptocurrency?

The source is important to prove the truth of the news, you may be the one who often spread FUD because of the contra to cryptocurrency. Actually, the price of cryptocurrency depends on us (users) if you believe in FUD news then we will contribute to reducing the price of cryptocurrency.

As far I know, and I have friends in Singapore that Singapore does not ban cryptocurrency. They (the government) simply reminded that no one oversees trade and investment in cryptocurrency so that all risks are borne entirely by the user, they don't decide to ban cryptocurrency.

[daarul50]

it doesn't matter crypto world is here to stay. Sooner or later SBP will be trading in cryptos because it is the future as far as i know.

Not only Pakistan, some major countries have also banned the virtual currency. Virtual or cryptocurrency currencies are also banned in Singapore, Thailand, South Korea, Bangladesh, Vietnam, Russia, Colombia, China and Nigeria.

Is there a clear source that the Singapore government forbids cryptocurrency?

The source is important to prove the truth of the news, you may be the one who often spread FUD because of the contra to cryptocurrency. Actually, the price of cryptocurrency depends on us (users) if you believe in FUD news then we will contribute to reducing the price of cryptocurrency.

As far I know, and I have friends in Singapore that Singapore does not ban cryptocurrency. They (the government) simply reminded that no one oversees trade and investment in cryptocurrency so that all risks are borne entirely by the user, they don't decide to ban cryptocurrency.

I am not too concerned with the news of crypto bans in various countries although the news is not necessarily valid. Any ban by some countries will not affect the bitcoin price movement unless its users have been affected and panicked about the appearance of FUD news then maybe bitcoin price will experience movement tends to move down. Bitcoin price controls exist in each user and that is what keeps bitcoin on hold even though FUD news keeps popping up in different countries.

[jseverson]

Not only Pakistan, some major countries have also banned the virtual currency. Virtual or cryptocurrency currencies are also banned in Singapore, Thailand, South Korea, Bangladesh, Vietnam, Russia, Colombia, China and Nigeria.

Is there a clear source that the Singapore government forbids cryptocurrency?

The source is important to prove the truth of the news, you may be the one who often spread FUD because of the contra to cryptocurrency. Actually, the price of cryptocurrency depends on us (users) if you believe in FUD news then we will contribute to reducing the price of cryptocurrency.

As far I know, and I have friends in Singapore that Singapore does not ban cryptocurrency. They (the government) simply reminded that no one oversees trade and investment in cryptocurrency so that all risks are borne entirely by the user, they don't decide to ban cryptocurrency.

Singapore does not ban crypto. Nor does Thailand, South Korea, or Vietnam (though it does ban using crypto as a medium of payment). There is no official outright ban in China or Russia that I am aware of, but it looks like they're pretty hostile towards it. I have no idea about Bangladesh, Colombia, and Nigeria.

Yeah sounds like he also fell for FUD himself as most of the countries he has mentioned have been FUD-heavy in the past. The least we could do is correct misconceptions.

[w33man]

Some countries are threatened by virtual currencies because people might even quit their jobs just to focus on it since it is really more profitable to become a trader or investor than to have a full time job. This just mean that they will get lesser tax from employees' income, since some countries haven't regulated income from virtual currencies yet, they cannot gain anything from it.