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

Tuesday, April 10, 2018

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, cryptocurrency, financial services, regulations