SBP’s Instructions on Virtual Currency

April 17th, 2018

As per State Bank’s BPRD Circular No. 3 of 2018, Virtual Currencies (VCs) such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings (ICO) tokens are not legal tender, issued or guaranteed by the Government of Pakistan. SBP has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/ Coins/ Tokens in Pakistan.

In compliance of SBP’s instructions, Meezan Bank does not facilitate transactions, in any manner whatsoever, in virtual currencies/coins/tokens through Meezan Bank’s accounts or otherwise. The acts and/or omissions of any individual, person, firm, company or any entity, in using, referring, indicating and relying on Meezan Bank’s name and/or using his Meezan Bank’s account for aforesaid transactions shall constitute offences under the prevailing laws and shall immediately be reported to Financial Monitoring Unit (FMU) without prejudice to Meezan Bank’s all rights and remedies, available to Meezan Bank under the prevailing laws.