Politics

SBP – State Bank of Pakistan Made a Big Mistake by Banning Cryptocurrencies and ICOs in Pakistan

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State Bank of Pakistan, the countrys central bank, has recently banned cryptocurrency trading and initial coin offerings (ICOs). The rash decision of the bank could become a major mistake for Pakistans economy moving forward.

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On April 6,the State Bank of Pakistan (SBP) announced that local financial institutions, banks, and credit card service providers are not allowed to be involved in the cryptocurrency market in any way, and are not allowed to process cryptocurrency transactions, promote, and invest in the cryptocurrency market. It completely dismissed its local cryptocurrency market.

In hindsight, Pakistans ban on cryptocurrencies has virtually no impact on the global cryptocurrency market, given that the Pakistan cryptocurrency market does not even account for 0.1 percent of the global cryptocurrency market. But, Pakistan has made an error in dismissing overseas blockchain companies that could potentially expand into or relocate to countries like Pakistan for cheaper resources.

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