Tuesday
April 10
2018

Pakistan’s Central Bank Tells Banks to Cut Ties to Cryptocurrencies

By James McQuillan

This month has seen the Reserve Bank of India turn its bank on cryptocurrency-related accounts. In a new development,  the State Bank of Pakistan (SBP), the country’s central bank, advised Pakistani citizens not to transact in cryptocurrencies, while telling banks and financial institutions not to facilitate crypto-related business.

In a statement published on the central bank’s website, it states cryptocurrencies are not recognized as legal tender.

Photo courtesy of fsecart.

Source: CryptoGlobe (link opens in a new window)

Tags
banking, banks, cryptocurrency, financial services, Pakistan, regulations