{"id":331918,"date":"2023-05-18T08:52:33","date_gmt":"2023-05-18T03:52:33","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=331918"},"modified":"2023-05-18T08:52:33","modified_gmt":"2023-05-18T03:52:33","slug":"pakistan-decides-to-suspend-online-cryptocurrency-services","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/pakistan-decides-to-suspend-online-cryptocurrency-services\/","title":{"rendered":"Pakistan decides to suspend online cryptocurrency services"},"content":{"rendered":"<p>KARACHI: The federal government has decided to ban cryptocurrency services available online in Pakistan, citing the potential risks for the country following its removal from the Financial Action Task Force\u2019s grey list. During a session of the Senate Standing Committee on Finance and Revenue, Minister of State for Finance Aisha Ghaus Pasha said that the government will never legalize cryptocurrency in Pakistan. \u201cState Bank of Pakistan (SBP) and the IT Ministry have started working on banning cryptocurrencies,\u201d she said, adding that FATF has also imposed conditions and cryptocurrencies will not be allowed. During the session, Senator Farooq Naek also concurred, highlighting that crypto trading was speculative in nature and should not be allowed. DNA<br \/>\n\u201cBillions of dollars of Pakistan have been invested in cryptocurrency,\u201d Senator Salim Mandviwala told the meeting.<br \/>\nAddressing the concerns, SBP officials also said that cryptocurrency is a total fraud which will never be recognized in Pakistan. In 2018, the State Bank of Pakistan (SBP) warned the commercial banks and general banks against the use of cryptocurrencies like Bitcoin or Litecoin.<br \/>\nAccording 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KARACHI: The federal government has decided to ban cryptocurrency services available online in Pakistan, citing the potential risks for the country following its removal from the Financial Action Task Force\u2019s grey list. During a session of the Senate Standing Committee on Finance and Revenue, Minister of State for Finance Aisha Ghaus Pasha said that the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-331918","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pakistan decides to suspend online cryptocurrency services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/pakistan-decides-to-suspend-online-cryptocurrency-services\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan decides to suspend online cryptocurrency services\" \/>\n<meta property=\"og:description\" content=\"KARACHI: The federal government has decided to ban cryptocurrency services available online in Pakistan, citing the potential risks for the country following its removal from the Financial Action Task Force\u2019s grey list. 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