Bitcoin ban could backfire on Pakistan


PESHAWAR – Pakistan’s central bank has proposed a ban on all forms of cryptocurrency, saying the risks involved in trading Bitcoin, Ethereum and other crypto coins far outweigh the potential benefits.

The State Bank of Pakistan’s (SBP) “risk-benefit analysis” committee, constituted under a High Court directive, recently announced that cryptocurrencies were depleting national foreign reserves and encouraging illicit financing.

The body, comprised of representatives from the Ministry of Finance, Information Technology, Pakistan Telecommunication Authority (PTA) and Security and Exchange Commission of Pakistan (SECP) recommended a complete ban on virtual currencies and other related activities in Pakistan.



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