No Plan to Allow Crypto Currency in Pakistan

Bringing clarity on the use of cryptocurrency in the country, Federal Minister for Information Fawad Chaudhry said that there are no chances of Pakistan legalizing digital currency anytime soon.

There are no guarantees behind the currency and we cannot allow the use of any digital currency just on the basis of its trust level in the market,” he said.

While citing another reason behind not allowing the use of crypto in the country, Fawad Chaudhry said that the level of fluctuation in the cryptocurrency is unprecedented globally.

According to a notice issued by the central bank, cryptocurrencies like Bitcoin, Litecoin, Pakcoin. OneCoin, DasCoin and Pay Diamond are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange, or investment in any such virtual currencies or tokens in Pakistan.

The notice warns general public that cryptocurrencies and tokens provide high degree of anonymity and potentially can be used for facilitating illegal activities and no legal protection or recourse is available to any individual in the event of a loss incurred due to failure or closure of virtual currency exchanges or security compromises of cryptocurrency exchanges and wallet businesses.

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