SBP proposes to declare cryptocurrency illegal

KARACHI (92 News) – The State Bank of Pakistan (SBP) has suggested to declare cryptocurrency illegal in the country to stop illegal transfer of valuable forex out of the country.

In a statement on Tuesday, the SBP said that trade of cryptcurrency has been started in the country with speed like other countries in the world but investors are restrained because the current scandal.

The SBP deputy governor presented a report comprises of 38 pages to judiciary officials. In the report, an immediate ban has been requested. The Pakistani economy will bear losses because illegally dollars will be transferred out of the country through cryptocurrency.

The report also mentioned that China, Morroco, Turkey, Saudia Arabia and 11 other countries have banned cryptocurrecy.

On the othe hand, the court has ordered SBP to send report to the and Law ministries. The court will announce the verdict within three months.