Is bitcoin legal in Pakistan? | Bitcointalksearch.org

Mukarram Tariq

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Quote from: jaocoincrypto18 on June 08, 2018, 05:26:37 PM

Quote from: Mukarram Tariq on June 08, 2018, 04:42:50 PM

s of 7 April 2018, State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan. ... National Assembly of Pakistan can pass law to declare bitcoin legal or illegal in Pakistan, but there is no such news from National Assembly yet.

So Pakistan now is joining the few countries that will not support Bitcoin existence. I just wonder why poor countries are against Bitcoin to think they should follow the path of those rich countries who fully supported Bitcoin and also they have law makers that can draft regulations to protect this investment to not to be use in illegal activities as their belief. Anyway, the good thing is the supporters of Bitcoin can still appeal to their highest court therefore there still a chance that Bitcoin will be legal in this country.

Many people in Pakistan not support bitcoins and other currency but there also many people who support bitcoin to legal it.

jaocoincrypto18

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Quote from: Mukarram Tariq on June 08, 2018, 04:42:50 PM

s of 7 April 2018, State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan. ... National Assembly of Pakistan can pass law to declare bitcoin legal or illegal in Pakistan, but there is no such news from National Assembly yet.

So Pakistan now is joining the few countries that will not support Bitcoin existence. I just wonder why poor countries are against Bitcoin to think they should follow the path of those rich countries who fully supported Bitcoin and also they have law makers that can draft regulations to protect this investment to not to be use in illegal activities as their belief. Anyway, the good thing is the supporters of Bitcoin can still appeal to their highest court therefore there still a chance that Bitcoin will be legal in this country.

Mukarram Tariq

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s of 7 April 2018, State Bank of Pakistan [SBP] has announced that bitcoin and other virtual currencies/tokens/ coins are banned in Pakistan. ... National Assembly of Pakistan can pass law to declare bitcoin legal or illegal in Pakistan, but there is no such news from National Assembly yet.

supermine

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Quote from: zahed on May 21, 2018, 07:07:50 AM

Bitcoin and crypto currency are illegal in pakistan it's government official announcement i know.All kind of huge information in here you can check this blogs https://www.valuewalk.com/2018/02/bitcoin-in-pakistan-ban-illegal-fia-arrest/ bank are affected by Bitcoin it's only their observation.

That article says that it is going to be illegal but not yet because many people doing crypto currency trading as their profession and you can see that proof on localbitcoins where you can see that pakistani traders are still trading bitcoin so which means still not decided whether it is legal or illegal.

Ajeng07

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The Pakistani government declares that digital currency is not recognized by State Bank of Pakistan as a legitimate business and could cause huge financial losses to the government.

I know this news from https://www.valuewalk.com/2018/02/bitcoin-in-pakistan-ban-illegal-fia-arrest/

zahed

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Bitcoin and crypto currency are illegal in pakistan it's government official announcement i know.All kind of huge information in here you can check this blogs https://www.valuewalk.com/2018/02/bitcoin-in-pakistan-ban-illegal-fia-arrest/ bank are affected by Bitcoin it's only their observation.

SUDARMONO

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For trading in Pakistan I think there is no problem with the law, and there Pakistan allows crypto trading, and that is great for the development of decentralized Blockchain technology, because crypto can reduce the number of unemployed.

Slipknot79

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Blockchain Just Entered The Real World

Bitcoin in Pakistan is about to become an illegal entity, with the Federal Investigation Agency recommending the government to declare such digital currencies as persona non grata. The Federal Investigation Agency further recommended the Pakistani government to include definitive and distinct punishment related to Bitcoin, under the Prevention of Electronic Crimes Act.

With Bitcoin in Pakistan having established itself as a significant unit of exchange, this is a major blow to the cryptocurrency. It had been hoped that further growth could be achieved in a developing economy such as Pakistan, but this now seems unlikely for the foreseeable future. And the wavering legality of Bitcoin in Pakistan is indicative of a tendency across such emerging economies to legislate against the digital payment system.

dokie987

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Quote from: The BlockRx Project on January 25, 2018, 03:32:22 PM

Guys do you have any idea is bitcoin legal in pakistan? If someone trade Bitcoin from pakistan is there any legal issues?

Base in my research, the State Bank of Pakistan (SBP) does not really recognize those crypto currencies. And someone says bitcoin is illegal in Pakistan due to the potentiality to use this bitcoin for tax evasion and money laundering.

The BlockRx Project

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Thanks guys for detailed answers. much appreciated

Wayan_Pedjeng

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As far as I know, Bitcoin trading is neither legal, nor illegal in Pakistan. It seems to be in the grey zone, with undefined legal status. But it is quite risky to trade in Bitcoins there. You never know when the government will start harassing the crypto-users.

RamonBTC

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This post if intended to ask for particular regulation in one country the best thing do is look for a local board then you can have direct answers from the people living there. Or ask a member if you have found one privately or using search engine that is obviously been the fastest way. In this thread you can’t assure of correct answer but more of speculative one.

veleten

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it is in grey area as in the majority of other countries in the world
i.e. it is not prohibited like in Venezuela,Bolivia,Ecuador,Bangladesh,Kyrgyzstan,Nepal
or regulated/legal as in Japan,South Korea,USA(not every state),Canada etc.
menas that if you live in Pakistan you do not have to pay taxes
but you are also not protected in case your bitcoins are stolen or lost due to a scam

sunsilk

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Quote from: buwaytress on January 26, 2018, 08:52:45 AM

Quote from: sunsilk on January 26, 2018, 02:43:29 AM

This guy is probably living in Pakistan Abdussamad.

And you can see he's wearing a signature that says "Bitcoins Pakistan" that will bring you here https://bitcoinspakistan.com/

To support this one, https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory tells that in Pakistan bitcoin is legal but trading isn't regulated.

Yeah, that's one of the helpful members I know of from Pakistan, and you might see others in the Meetings section. I personally know a few Pakistanis who even from 2012 (computer security students mainly) played around with Bitcoin, there were quite a few digital currency traders even from those days based especially in Islamanad, Karachi and Lahore... who of course picked up Bitcoin into their portfolio.

That said, just because Bitcoin isn't illegal there, doesn't make it legal, at least not in the context that most people think ("not against the law" or "permitted by law". In fact, the link you point to indicates Bitcoin is legal but then goes on to say that digital currencies are not recognised by the state.

Basically, we take the stance of legal until specified as illegal.

I admired that guy for being helpful at the alternative clients section and I loved reading his posts helping others.

That's true that just because it isn't illegal there it doesn't mean that bitcoin is legal. Their government is still might be in the phase of recognizing the pros and cons of bitcoin.

As for OP, I guess you had enough info and these are your countrymen trading now. - https://localbitcoins.com/country/PK

buwaytress

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Quote from: sunsilk on January 26, 2018, 02:43:29 AM

This guy is probably living in Pakistan Abdussamad.

And you can see he's wearing a signature that says "Bitcoins Pakistan" that will bring you here https://bitcoinspakistan.com/

To support this one, https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory tells that in Pakistan bitcoin is legal but trading isn't regulated.

Yeah, that's one of the helpful members I know of from Pakistan, and you might see others in the Meetings section. I personally know a few Pakistanis who even from 2012 (computer security students mainly) played around with Bitcoin, there were quite a few digital currency traders even from those days based especially in Islamanad, Karachi and Lahore... who of course picked up Bitcoin into their portfolio.

That said, just because Bitcoin isn't illegal there, doesn't make it legal, at least not in the context that most people think ("not against the law" or "permitted by law". In fact, the link you point to indicates Bitcoin is legal but then goes on to say that digital currencies are not recognised by the state.

Basically, we take the stance of legal until specified as illegal.

sunsilk

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This guy is probably living in Pakistan Abdussamad.

And you can see he's wearing a signature that says "Bitcoins Pakistan" that will bring you here https://bitcoinspakistan.com/

To support this one, https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory tells that in Pakistan bitcoin is legal but trading isn't regulated.

The BlockRx Project

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Guys do you have any idea is bitcoin legal in pakistan? If someone trade Bitcoin from pakistan is there any legal issues?

Topic: Is bitcoin legal in Pakistan? (Read 219 times)