Pakistanis’ Cryptocurrency Trading Activities Lack Recorded Data at SBP

ISLAMABAD: An official document obtained by ProPakistani has revealed that the State Bank of Pakistan (SBP) has no record of any cryptocurrencies bought or sold by Pakistanis.

The SBP has stated that crypto exchanges are based overseas and are not regulated by any authority in Pakistan, rendering it impossible for them to monitor such transactions.

The SBP has emphasized that cryptocurrencies are not recognized as Legal Tender, nor are they issued or guaranteed by the government. As a result, the SBP has not licensed any individual or entity for the issuance, sale, purchase, exchange, or investment in virtual currencies, coins, or tokens in Pakistan.

The document reveals that the SBP has instructed its regulated entities to refrain from processing, using, trading, holding, transferring value, promoting, and investing in cryptocurrencies. It has also urged these entities not to facilitate their customers in transacting in virtual currencies or tokens.

In the event of any suspicion about a transaction, the SBP has directed its regulated entities to file a Suspicious Transaction Report with the Financial Monitoring Unit (FMU) for further investigation in accordance with the Anti-Money Laundering Act 2010.

The SBP has clarified that cryptocurrencies are traded on virtual platforms such as crypto exchanges located in overseas jurisdictions, which are not monitored by any authority in Pakistan.

Therefore, the activity of purchasing and selling cryptocurrencies by Pakistani individuals cannot be verified.

Furthermore, since there is no centralized data available regarding the sale and purchase of cryptocurrencies, the SBP has asserted that the impact of such transactions on the national economy cannot be determined.