KARACHI: State Bank of Pakistan (SBP) has declared dealing in virtual currency or Initial Coin Offering (ICO) tokens as suspicious transaction and directed exchange companies to report such dealings to Financial Monitoring Unit (FMU).
The SBP advised exchange companies and exchange companies of ‘B’ category are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in Virtual Currencies/Tokens.
Further, Exchange Companies and Exchange Companies of ‘B’ Category shall not facilitate their customers to transact in VCs/ICO tokens. “Any transaction in this regard shall immediately be reported to Financial Monitoring Unit (FMU) as a suspicious transaction,” the SBP said.
SBP said that Virtual Currencies (VCs) like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings (ICO) tokens are not legal tender, issued or guaranteed by the Government of Pakistan.
The central bank 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, the SBP said.
