Crypto Currencies are not legal tender, issued or guaranteed by the government of Pakistan; therefore, the State Bank of Pakistan (SBP) has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such virtual currencies/ coins/ tokens in Pakistan.
Moreover, the SBP has refrained its regulated entities from processing, using, trading, holding, transferring value promoting and investing in Crypto Currencies.
The SBP has also instructed its regulated entities not to facilitate their customers in transacting in virtual currencies/tokens.
However, if there is a suspicion about any transaction, the regulated entities have to file Suspicious Transaction Report (STR) with the Financial Monitoring Unit (FMU) for onward investigation as per AML Act, 2010.
The SBP does not maintain any data regarding Crypto Currencies purchased or sold by Pakistanis.
Since the Crypto Currencies are traded on virtual platforms such as Crypto Exchanges located in overseas jurisdictions and not monitored by any authority in Pakistan; therefore, activity of sale and purchase of Crypto Currencies by Pakistani individuals cannot be ascertained.
Impact of purchase of Crypto Currency on national economy?
Since there is no central data available regarding sale/purchase of Crypto Currencies; therefore, the impact of such transactions on national economy cannot be determined.
