Pakistani bank to customers: halt crypto transactions

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.