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Urdubit, a leading Pakistani bitcoin exchange, has closed down permanently. The news came after the central bank of Pakistan announced a ban on dealings with cryptocurrencies. The trading platform urged customers to withdraw their funds “as fast as possible”. Its team confirmed on social media its operations had been suspended due to the prohibition of […]
The post Pakistan’s Urdubit Exchange Shuts Down After Crypto Ban appeared first on Bitcoin News.
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The State Bank of Pakistan (SBP) has issued a circular on the “prohibition of dealing in virtual currencies”. The measure comes right after a similar move by the central bank of neighboring India. Commercial banks and payment providers have been told to stay away from crypto operations. They should not facilitate transactions of virtual currencies […]
The post Pakistan’s Central Bank Prohibits Crypto Dealings with a Circular appeared first on Bitcoin News.
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It has almost become the new normal for banks to take a rather aggressive stance toward cryptocurrencies. That will not surprise anyone, although it is quite rare to hear Pakistan’s State Bank weigh in on these discussions. Although it is just a warning for the time being, it is possible we may see an official ban imposed on cryptocurrency purchases in the near future. Pakistan State Bank Isn’t Keen on Cryptocurrency Most financial institutions around the world have taken a negative stance toward Bitcoin and other cryptocurrencies. This is not entirely surprising, considering that this new form of money threatens the business modelsPowered by WPeMatico