The State Bank of Pakistan (SBP) has informed the higher authorities that it does not maintain any data regarding cryptocurrencies purchased or sold by Pakistanis, an official document available with ProPakistani reveals.
According to the SBP, crypto exchanges are located in overseas jurisdictions and are not monitored by any authority in Pakistan.
The central bank says cryptocurrencies are not Legal Tender, issued or guaranteed by the Government of Pakistan, therefore, 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.
According to the Document, the SBP has refrained its regulated entities from processing, using, trading, holding, transferring value promoting, and investing in cryptocurrencies. The SBP has instructed its regulated entities not to facilitate their customers in transacting in virtual currencies or tokens.
If there is a suspicion about any transaction, the regulated entities have to file a Suspicious Transaction Report with the Financial Monitoring Unit (FMU) for onward investigation as per Anti Money Laundering Act 2010.
The banking regulator says cryptocurrencies are traded on virtual platforms such as crypto exchanges located in overseas jurisdictions and not monitored by any authority in Pakistan, therefore, the activity of sale and purchase of cryptocurrencies by Pakistani individuals cannot be ascertained.
According to SBP, since there is no central data available regarding the sale and purchase of crypto-currencies, therefore, the impact of such transactions on the national economy cannot be determined.
