From NewsBTC
The State Bank of Pakistan (SBP) has released information that seeks to clarify the bank’s position on digital currencies. Although the statement “advises” both the public and institutions against dealing in the coins, it is not an outright ban.Read more: https://www.newsbtc.com/2018/04/08/stop-fud-state-bank-pakistan-never-banned-cryptocurrencies/State Bank of Pakistan: Caution Regarding Risk of Virtual Currencies
The release begins by stating that digital currencies are not recognized by the bank as legal tender:“[Digital currencies] are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan.”
Then it goes on to ask banking institutions (banks, as well as Payment System Operators and Payment Service Providers) to prevent account holders from transacting in digital currencies or taking part in ICOs:
“Advised not to facilitate their customers/account holders to transact in Virtual Currencies/ Initial Coin Offerings (ICOs).”
Towards the end of the one-page document, it goes on to warn about “fraudsters” that offer “pyramid style investment schemes and coins and promising high returns (similar to Ponzi schemes).”
Generally, although this statement is quite harsh, it doesn’t constitute an outright ban. The closing remarks only say that persons must steer clear of digital currencies to “avoid any potential financial loss and legal implications,” but don’t state what these legal implications actually are.
State Bank of Pakistan: Worries
According to the release, the SBP is worried that digital currencies provide a “high degree of anonymity and potentially can be used for facilitating illegal activities;” and that because of the “ambiguous nature” of digital currencies, “no legal protection or recourse is available to any individual in the event of a loss incurred.”The SBP then details the following associated risks:
I think the opening statement of this headline could apply to most of Asia in 2018. STOP THE FUD!
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how do you get 81 upvotes and a pay out of 2.38 with only 6 views including me?
O.o
i want in on that action!
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You don't, though. If you want to have any integrity.
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Damn integrity always getting in the way of a fat payout.
lol
:D
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Haha, true! Gotta be worth your salt ;).
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lol
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Everyone knows the risks that are run in a market so volatile in fact more than once it has happened to us that we were stuck and we must make HODL or sell at a loss but what is happening is that the rich want to buy the greatest amount of btc and that's why they sabotage the prices of the crypto markets with false news, so they are making digital mining unprofitable in some countries, before the end of the year when a global economic crisis occurs, the rich will have their money invested in BTC
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This post has received a 14.30 % upvote from @booster thanks to: @contentjunkie.
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This post has received a 17.18 % upvote from @boomerang.
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You got a 4.88% upvote from @postpromoter courtesy of @contentjunkie!
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Some people just like spreading fake rumours, I always read about it. Thanks for clarifying this lies
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Fake rumours bout bitcoin is all around the world , kinda getting use to it lol.
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