Pakistan's Government Bans Cryptocurrency

On 6th April 2018, the State Bank of Pakistan declared Cryptocurrency trading to be illegal and all the local cryptocurrency trading platforms had to be forcefully shutdown, urgently requesting all the crypto buyers on it to sell out as soon as possible, as they are being forcefully shutdown. Urdubit was the very first trading platform for crypto traders specifically for the nationals of Pakistan.

Udrubit's webiste URL: https://urdubit.com/

State Bank of Pakistan has precisely said "they are not legal tender".

Source: https://tribune.com.pk/story/1679446/2-pakistan-bans-cryptocurrencies/

Just when the hype for crypto was building up and every other person was hopping onto crypto integration for their online platforms - may it be a simple e-commerce portal or a digital health solution, Pakistan was really picking up on this as a a solution for more secure and seamless payments. Even though the digital solutions, especially e-commerce and food portals are booming in Pakistan over the past 5 years with industry giants including Daraz.pk, an e-commerce project of Rocket internet and Food Panda, but consumers are still not confident about using their credit cards as a payment method, because they feel like their credit cards would get hacked, since this has happened more frequently in Pakistan, people are more towards using more convenient solutions such as Cash on Delivery and Bank Transfers. Just with the advent of cryptocurrencies, digital enthusiasts were keen on integrating crypto as the quickest solution to this problem.

Even the banks, micro financing banks and all other financial institutions have been strictly asked to refrain from getting themselves into any form of "crypto" act as it is declared illegal in the state.