Cryptocurrencies – particularly stablecoins – are becoming increasingly popular in Pakistan, despite a key minister saying they will 'never be legalized. By amitoj
Pasha also reportedly said that the nation's central bank, the State Bank of Pakistan and the Information Technology Ministry have been ordered to initiate work on banning cryptocurrencies. In Jan 2022, the SBP declared it planned to ban crypto, its first clear position on the new financial technology, CoinDeskMeanwhile, Banks in Pakistan have started informing customers that cryptocurrency trading is illegal, at least two sources told CoinDesk.
"As per regulatory instructions from the State Bank of Pakistan, any remittance of foreign exchange directly/indirectly outside Pakistan to overseas foreign exchange trading, margin trading, and CFD trading apps/websites/platforms through any payment channel is not allowed/permitted by SBP and such payments are inherently risky and illegal," said one message from a bank in Pakistan viewed by CoinDesk.
This attempted ban comes at a time of political turmoil for Pakistan. Former Prime Minister Imran Khan,
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