Beware – Bitcoins Are Not Considered Legal Tender In Pakistan!

Beware – Bitcoins Are Not Considered Legal Tender In Pakistan!

As per SBP, bitcoins are not considered legal in Pakistan  

Globally, bitcoin currency may have reached a conversion rate of USD 6,000, its legal status in Pakistan still remains vague. Though several parties are hosting online exchanges and trade all over the world. Alongside, there are training and awareness sessions happening across the country, educating the general public on bitcoin and cryptocurrency.

The status of the virtual currency Bitcoin is still a bit ambiguous. Some countries are legalizing the crypto-currency and some are putting some serious crackdowns on it, with UAE, Russia and China as examples respectively.

Read: Federal Government Imposes Import Duty on Mobile Phones

Some of the major reasons for countries like China to ban crypto-currency is because of the financial risks it pose. Not to mention, the multiple cases of frauds and scams that Bitcoin is always subjected to.

People fool people all over the world when it comes to exchanging Bitcoins. In order to avoid any further scams, the State Bank of Pakistan as per its directives have strictly announced that Bitcoins are not considered as legal tender in Pakistan.

Read: JPMorgan CEO says ‘Bitcoin is a fraud and will blow up’

Therefore, the central bank warns the people to be cautious when it comes to trading and using this currency as there still remains a gap in fitting laws for the same.

A public service message that was broadcasted by Meezan Bank Limited is seen here: