How does Bitcoin trading work in Pakistan?
Cryptocurrency
Asked by Question Bot10/Feb/20151 answer
1 Answer
F
Faisal Khan
Answered 10/Feb/2015
To trade Bitcoins. No.
I should cite that the No is conditional. The condition being that State Bank of Pakistan, specifically the EPD (Exchange Policy Department) has not banned the trading of Bitcoins. In fact, SBP does not have an opinion on Bitcoin to date.
However, there are certain caveats in the law that allegedly make this illegal, but that is subject to interpretation.
If one were to setup an online exchange for Bitcoins, that is clearly in violation of the SECP (Securities and Exchange Commission of Pakistan) rules. Any/all trading exchange dealing in any kind of open-market securities (and the definition of securities is wide-open) needs to be licensed and regulated under SECP guidelines.
I should cite that the No is conditional. The condition being that State Bank of Pakistan, specifically the EPD (Exchange Policy Department) has not banned the trading of Bitcoins. In fact, SBP does not have an opinion on Bitcoin to date.
However, there are certain caveats in the law that allegedly make this illegal, but that is subject to interpretation.
If one were to setup an online exchange for Bitcoins, that is clearly in violation of the SECP (Securities and Exchange Commission of Pakistan) rules. Any/all trading exchange dealing in any kind of open-market securities (and the definition of securities is wide-open) needs to be licensed and regulated under SECP guidelines.