Categories: BusinessThe Dependent

State Bank bans cryptocurrencies, after failing to figure out cryptocurrencies

KARACHI – In a major development, the State Bank of Pakistan (SBP) has banned cryptocurrencies in the country, citing its failure to understand cryptocurrencies.

While the volume of trading remains on the lower side in Pakistan, Bitcoin’s phenomenal rise in value during 2017 tempted many to open accounts with various exchanges and trade, which the central bank confessed it could not quite get either.

“While its acceptance at the merchant level in the country is negligible, since many users individually have expressed their temptation to trade in cryptocurrencies we tried to give it a shot as well,” the SBP said in a press release.

“But alas, it was too complicated and hence we decided that we just couldn’t allow it to continue,” the press release continued.

A circular on the official website further read: “All banks, development financial institutions, microfinance banks and payment system operators, payment service providers are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens, especially if you like us have struggled to figure out cryptocurrencies.”

“Those that have understood it as hereby instructed to see the central bank first thing after work hours on Monday.”

The Dependent

The above piece is a work of satire and does not present itself as the truth.

Disqus Comments Loading...

Recent Posts

Root ton puts England on top against Sri Lanka

KANDY: Captain Joe Root smashed 124 and newcomer Ben Foakes again hit valuable tail end runs to put England in command…

13 mins ago

Govt increases import duties to cut imports

ISLAMABAD: The Senate on Friday was informed that the government has increased import duties to cut imports. Adviser on Commerce…

34 mins ago

This guy is an improvement?

Sometimes, there are situations that could be classified in the any-change-would-be-an-improvement category. It was thought that the Punjab Information Minister…

35 mins ago

Heads of 9 Punjab govt companies refuse to return excess salaries

--SC gives reluctant CEOs three months to return undue amount, warns them of stern action in case of failure  …

2 hours ago

UK PM May fights for survival after Brexit deal sparks crisis

LONDON: British Prime Minister Theresa May was fighting for survival on Friday after a draft divorce deal with the European…

3 hours ago

Malfunctioning Cynthia Ritchie unit replaced by new Cynthia Ritchie unit

(Disclaimer: this is a work of fiction. Learn to take a joke; you’ll live longer.) A CRZ-3001 unit was replaced…

3 hours ago