Total amount of Crypto Currency purchased by Pakistanis

BusinessTotal amount of Crypto Currency purchased by Pakistanis

Crypto Currencies are not legal tender, issued or guaranteed by the government of Pakistan; therefore, the State Bank of Pakistan (SBP) has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such virtual currencies/ coins/ tokens in Pakistan.Total amount of Crypto Currency purchased by Pakistanis

Moreover, the SBP has refrained its regulated entities from processing, using, trading, holding, transferring value promoting and investing in Crypto Currencies.

The SBP has also instructed its regulated entities not to facilitate their customers in transacting in virtual currencies/tokens.

However, if there is a suspicion about any transaction, the regulated entities have to file Suspicious Transaction Report (STR) with the Financial Monitoring Unit (FMU) for onward investigation as per AML Act, 2010.

The SBP does not maintain any data regarding Crypto Currencies purchased or sold by Pakistanis.

Since the Crypto Currencies are traded on virtual platforms such as Crypto Exchanges located in overseas jurisdictions and not monitored by any authority in Pakistan; therefore, activity of sale and purchase of Crypto Currencies by Pakistani individuals cannot be ascertained.Total amount of Crypto Currency purchased by Pakistanis

Impact of purchase of Crypto Currency on national economy?

Since there is no central data available regarding sale/purchase of Crypto Currencies; therefore, the impact of such transactions on national economy cannot be determined.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Pakistan releases 200 Indian fishermen

ISLAMABAD, Pakistan: The Pakistani government released further 200 Indian fish workers on Thursday as a humanitarian gesture.The Spokesperson of the Ministry of Foreign Affairs...

Hammad Azhar terms reports of his involvement in May 9 mayhem ‘pack of lies’

Urges TV Channel to air his statement alike to false news attributed to sourcesISLAMABAD, Pakistan: The Pakistan Tehreek-e-Insaf (PTI) senior leader Hammad...

Pakistan records highest ever inflation in May 2023 with 38%

ISLAMABAD, Pakistan: The Consumer Price Index (CPI) jumped to 38.0 percent on Year-on-Year (YoY) basis in May 2023, registering the highest ever inflation in...
Register a Business with FBR as sole owner

FBR collects Rs 605 billion gross revenue against all odds

ISLAMABAD, Pakistan: Despite all odds, the Federal Board of Revenue (FBR) has put in tremendous effort to achieve the revenue target for the month...

UAE jobs 2023: 500 Emiratis to get training & jobs in Industrial Sector

ABU DHABI, UAE: In the United Arab Emirates (UAE), more than 70 Industrial Companies will offer training and employment opportunities to 500 Emiratis, aiming...