According to an official document obtained by ProPakistani, the State Bank of Pakistan (SBP) has advised higher authorities that it does not save any data on cryptocurrencies purchased or sold by Pakistanis.
According to the SBP, cryptocurrency exchanges are located in foreign jurisdictions and are not supervised by any Pakistani body.
According to the central bank, cryptocurrencies are not legal tender, are not issued or guaranteed by the government of Pakistan, and as a result, the SBP has not authorised or licenced any individual or company in Pakistan for the issuance, sale, acquisition, exchange, or investment in any such virtual currencies, coins, or tokens.
The SBP has prohibited its regulated firms from processing, utilising, trading, holding, transferring value, promoting, and investing in cryptocurrencies, according to the Document. The SBP has directed that its regulated firms not assist their consumers in transacting in virtual currencies or tokens.
If a transaction raises suspicions, regulated businesses must file a Suspicious Transaction Report with the Financial Monitoring Unit (FMU) for further inquiry under the Anti-Money Laundering Act of 2010.
According to the banking regulator, cryptocurrencies are traded on virtual platforms such as crypto exchanges in foreign countries and are not supervised by any authority in Pakistan, therefore the sale and purchase of cryptocurrencies by Pakistani citizens cannot be determined.
According to the SBP, because no central data on the sale and purchase of crypto-currencies is available, the impact of such transactions on the national economy cannot be assessed.
