One of the largest private banks in Pakistan has asked customers to avoid conducting cryptocurrency transactions through its banking channels, according to multiple media reports.
Fast facts
- Bank Alfalah reportedly has sent SMS alerts to users informing them that cryptocurrencies are not legal tender and no entity is authorized to provide related services in the country.
- The bank’s move to steer users away from crypto comes after the State Bank of Pakistan, the country’s central bank, recommended a complete ban on all cryptocurrency uses last week.
- Pakistan’s investigation agency has also approached the Pakistan Telecommunication Authority to block over 1,600 crypto websites in the country.
- Although Pakistan currently does not have a regulatory framework for digital assets, Pakistanis collectively own over US$20 billion in crypto as of last year.