By Our Correspondent
KARACHI: The State Bank of Pakistan (SBP) has clarified that virtual assets (VAs) like cryptocurrency are not illegal in Pakistan. In 2018, SBP only advised banks and financial institutions to avoid dealing in VAs because there was no legal or regulatory framework at that time.
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This precaution was taken to protect customers and institutions from potential risks.
Currently, the SBP and the Finance Division are working with the Pakistan Crypto Council, formed by the government, to develop proper laws and regulations for virtual assets.
The aim is to bring clarity, legal protection, and safety for both consumers and investors in the future.
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