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Govt to ban crypto-currency services on internet
“The currency is at high risk as there is fraud in it and will never be allowed in Pakistan,” officials added.
Islamabad: The federal government of Pakistan Wednesday decided to ban the services of crypto-currency on the internet to prevent its use in Pakistan.
According to details, a meeting of Senate Standing Committee on Finance was held in which the officials said that State Bank of Pakistan (SBP) and Ministry of Information and Technology (MoIT) have started working on crypto-currency.
Federal Minister of State for Finance Aisha Ghaus Pasha said: “Crypto-currency will never be legalized in Pakistan as Financial Action Task Force (FATF) has also imposed conditions.
SBP officials stated that crypto-currency is an imaginary currency and its market has decreased from 2.8 trillion dollars to 1.2 trillion dollars.
“The currency is at high risk as there is fraud in it and will never be allowed in Pakistan,” officials added.
Senator Saleem Mandviwala said that billions of dollars have been invested in crypto-currency from Pakistan.
State Bank officials said that Federal Investigation Agency (FIA) is taking action on Pakistani investment in crypto currency, as more than 16 thousand crypto currencies have been created.