It seems that the cryptocurrency ban in Pakistan is not working as expected. The State Bank decided to ban financial institutions to provide crypto-related solution, and that complicated the life of citizens. But of course, traders and enthusiasts were able to find a solution to this problem.
Pakistan Not Effective in Regulating Cryptocurrencies
Several countries decided to ban virtual currencies in the past, including China. But Pakistan seems that is not able to deal with the matter so effectively. The recent decision taken by the State Bank of Pakistan to ban cryptocurrencies shows that it is not so simple to deal with virtual currencies and the latest technologies.
Pakistan imposed a total ban with immediate effect in which individuals and exchanges were forbidden to use virtual currencies.
According to Danyal Manzar, CEO of Pakistan’s bitcoin exchange Urdubit, said that individuals were trading over 100 different digital coins per day before the ban. As reported by The Express Tribune, he said that the decision was made in haste and without thinking about a proper shutdown.”
Immediately after, Urdubit decided to warn its users saying that they should withdraw fiat currencies and crypto funds. But some of the users did not do that and are still trading on the platform.
It is clear that traders who want to keep involved in the market will find the way to do so, and no prohibition will stop them from that.
India Bans Bitcoin
In the past, other countries decided to ban bitcoin and cryptocurrency activities. As we wrote in the past at CoinStaker, India took hard measures against cryptocurrencies and crypto exchanges. BTCXIndia, and ETHEXIndia, two of the most important cryptocurrency exchanges in the country informed that they are not able to keep offering services due to the government’s position on the matter.
“As we heard in the budget speech, the Indian government is discouraging cryptocurrency trading. This has been clear also by government actions in the last year, and has put out business under a lot of stress and putting us in a position where we don’t feel that we can continue our business in a professional manner any longer. “
Before that happened, the Central Bank of India was analysing very carefully this possibility. The executive director, S. Ganesh Kumar, said that cryptocurrencies were not going to be allowed in India.
“Our current position on Bitcoin is that we will not be using it for any payments and settlements… though the technology underlying cryptocurrencies will not end. As regards non-fiat cryptocurrencies, I think, we are not comfortable with them.”
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