World News

Cryptocurrency services banned in Pakistan

PakistanDeputy Minister of Revenue and Finance Ayşe Gous Pasha, in a statement at the Senate Permanent Finance Committee meeting, stated that under the terms of the Financial Action Task Force on Anti-Money Laundering (FATF), crypto money services available on the internet will be banned to prevent illegal digital money transfers.

Pasha stated that the Central Bank of Pakistan and the Ministry of Information Technology are working on the banning of cryptocurrencies. “Islamabad will never legalize cryptocurrencies”said.

Referring to the FATF requirement that cryptocurrencies not be legalized, Pasha recalled that Islamabad was removed from the FATF gray list in October 2022.

Central Bank Director Sohail Cavad also stated that crypto money is a virtual currency and 16 thousand types of it have been created so far, and said that the market of $ 2.8 trillion has decreased to $ 1.2 trillion.

The Central Bank of Pakistan banned cryptocurrency trading and mining in April 2018. However, despite this ban, the demand for cryptocurrencies continued to increase.

By the Financial Action Task Force on Anti-Money Laundering (FATF) of the Organization for Economic Co-operation and Development (OECD). “providing financial support to terrorism”And “unable to prevent money laundering”Pakistan, which was put on the “grey list” in June 2018, was removed from this list on October 21, 2022.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button