Pakistanis Trade Cryptocurrencies Without SBP Data

An official document obtained by ProPakistani shows that the State Bank of Pakistan (SBP) has advised higher authorities that it does not track Pakistani cryptocurrency purchases or sales.

The SBP said crypto exchanges are abroad and unregulated by Pakistani authorities.

Cryptocurrencies are not legal tender, issued or guaranteed by the government of Pakistan, hence the central bank has not authorised or licenced any individual or business to issue, sell, purchase, exchange, or invest in them in Pakistan.

The Document states that the SBP prohibits its regulated firms from processing, using, trading, holding, transferring value, and investing in cryptocurrencies. SBP-regulated organisations are not allowed to assist clients with virtual currency or token transactions.

The Anti Money Laundering Act 2010 requires regulated companies to report suspicious transactions to the Financial Monitoring Unit (FMU) for further investigation.

The banking regulator claims cryptocurrencies are exchanged on virtual platforms like crypto exchanges in abroad countries and not regulated by any authority in Pakistan, hence Pakistani citizens’ cryptocurrency sales and purchases cannot be determined.

SBP said there is no central data on crypto-currency sales and purchases, therefore the impact on the economy is unknown.

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