State Bank of Pakistan has declared its stance on cryptocurrency, stating that it will not legalize digital currencies in the country. Additionally, the Financial Action Task Force (FATF) has also urged Pakistan to impose a ban on cryptocurrencies.
The State Bank of Pakistan's decision to prohibit the legalization of cryptocurrencies reflects their concerns regarding the potential risks and challenges associated with digital currencies. The central bank believes that cryptocurrencies can facilitate illegal activities such as money laundering and terrorism financing.
Furthermore, the FATF, an international organization that sets standards for combating money laundering and terrorist financing, has recommended that Pakistan ban cryptocurrencies to align with global efforts to mitigate financial risks.
This development highlights the regulatory stance of Pakistan towards cryptocurrencies and raises questions about the future of digital currency adoption and trading in the country.