Karachi:
The State Bank of Pakistan has explained that virtual assets are not illegal in Pakistan and a rules -based system is being developed for the Crypto Council VES.
The State Bank’s explanation states that the State Bank stopped banks from transactions with VEs in 2018 as there was no legal framework for virtual assets.
The central bank said that steps have been taken to protect consumers from possible financial risks, the Ministry of Finance and the State Bank are engaged in consultation with the Crypto Council.
The State Bank said that the Crypto Council in Pakistan is developing a rules -based system for Vees, the procedure framework will provide legal protection to the investors.
The State Bank added that the institutions operating under the State Bank cannot deal with VES, policy making is underway in Pakistan for crypto assets.
