Virtual currencies in Pakistan have no legal status: State Bank

in Business/National

The State Bank of Pakistan has declared the virtual currencies illegal.

While declaring the virtual currencies illegal, the state bank informed the public that these currencies have no lawful status in Pakistan. Whether they are Bitcoin,  Lightcoin, Wincoin or Dascoin, all of them are illegal. State Bank of Pakistan has said in a statement that people should not promote and invest in virtual currencies.

In this regard, the central bank has also directed all the financial institutions and banks that no initial facility of payment or banking services be provided for virtual currencies. According to the Central Bank, there is no status of virtual currency. And nor has any institution in Pakistan currently licensed or authorized.

However, the State Bank warned that those who would use virtual currency, coin or token, to transfer money outside of Pakistan will bear punishment under local laws.

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