[2018-04-12]Pakistan Disallows Banks from Cryptocurrencies and ICO Transactions

[Vladdirescu87]

Using its Twitter, State Bank of Pakistan (SBP) issued a serious caution regarding the risks of using virtual currencies in the economy to transact business and provide services where it advised the general public that both domestic and international payments and money transfer services are monitored, controlled and regulated by SBP under the applicable laws and failure to adhere will put an individual that tries to carry out any transaction outside Pakistan at risk of prosecution as per the applicable laws.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/pakistan-disallows-banks-from-cryptocurrencies/

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[Harlot]

Another Headline that is misleading the public Look at the official statement that I read on their pdf link. Given in their Twitter Page:

Further, Banks/ DFIs/Microfinance Banks and Payment System Operators (PSOs)/ Payment Service Providers (PSPs) have
been advised not to facilitate their customers/account holders to transact in Virtual Currencies/ Initial
Coin Offerings (ICOs) /Tokens vide BPRD’s Circular No. 03 of 2018.

It is just a common understanding "Advised" is different from being disallowed, they just merely gave a suggestion to the banks. This kind of headlines intended to increase their audience is really not a good read not unless you do your own research to it. But reading the whole pdf file I am furious to see that even this level of government is still having bad reasons on why they are against cryptocurrencies for the main reason of:

Virtual Currencies/Coins/Tokens provide high degree of anonymity and potentially can be used for
facilitating illegal activities.

This in itself is something that the government can handle without even cutting out Bitcoin or any other cryptocurrencies. Because if cryptocurrencies is the source of crimes then they must cut out their own Fiat currency as it is doing the same effect as well.

[RamonBTC]

Most of the time those advices or statements is misunderstood to be immediately executed when in reality it is just publicity stance without legal basis. On the matter of fact it’s still in recommendation phase and won’t be take seriously.

Re: [2018-04-12]Pakistan Disallows Banks from Cryptocurrencies and ICO Transactions

Every time I will see threads started with banks in the titles most or 90% of the it are negative against crypto. So it’s normally, abnormal for banks to make a positive comments on this blockchain technology.

[Basmic]

This is a normal reaction for the governments of such authoritarian countries. I think it's more of a threat. It will be difficult to control such actions. Transfers from abroad can be disguised as private transfers or travel abroad and cash yourself. But it is better to make a stock of coins and fight for their freedom. Do not want this government to change to another. Freedom without labor is not given.