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Governor SBP says cryptocurrencies are mostly speculative in their current form
My country has banned crypto and i think they are making big mistake
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tldr; Pakistan’s State Bank of Pakistan (SBP) Governor Reza Baqir has said that there are "many misuses of money around the globe [of cryptocurrency]. These include human rights violations, people trafficking, money laundering and other crimes," he said. He added that Pakistan's finances have been used for laundering money and financing terrorism. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Pakistan's State Bank of Pakistan (SBP) Governor Reza Baqir has said that the risks posed by cryptocurrencies "far outweigh the benefits." However, he added that the central bank is open to looking at solutions that address these potential risks. The SBP has been studying cryptocurrencies from a "technological and functional" perspective. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The potential risks associated with cryptocurrencies outweigh the benefits when evaluated against the main objectives of the central bank, the payment regulator and financial system, Pakistan's SBP Governor Dr Reza Baqir has said. "Because of their speculative nature, rapid price volatility and, most significantly, their dispersed and decentralized structure, they can represent a risk to financial and monetary stability," he added. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The State Bank of Pakistan (SBP) has announced that it intends to ban all cryptocurrency transactions in Pakistan. The central bank filed a document with the Sindh High Court claiming that cryptocurrencies like Bitcoin are illegal and cannot be used for trading. Pakistan's Ministries of Finance and Law have yet to decide whether to ban cryptocurrencies in the country. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The government of Pakistan and its central bank are planning to ban the use of cryptocurrencies in the country, according to reports. A committee headed by the deputy governor of the State Bank of Pakistan (SBP), Pakistan's central bank, has proposed to ban cryptocurrencies in Pakistan. The committee submitted its report to the Sindh High Court, which was hearing a case about digital currencies and ordered its formation. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The State Bank of Pakistan (SBP), the country's central bank, has reportedly come to a decision to ban the use of all cryptocurrencies within the country. The central bank has also asked the Sindh High Court to ban “unauthorized operations” of crypto exchanges and impose penalties on them. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
The FIA reminded residents that the State Bank of Pakistan (SBP) prohibits the purchase and sale of cryptocurrencies.
>The FIA reminded residents that the State Bank of Pakistan (SBP) prohibits the purchase and sale of cryptocurrencies. It says that crypto sale and purchase of crypto is prohibited. So that action is well within the power of the government.